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Transactions - APRIL 10, 2020

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Lime Petroleum buys two oil exploration licenses in Norwegian Sea

by Kali Persall

Lime Petroleum, a subsidiary of Rex International, has agreed to acquire 20 percent interests in two oil exploration licenses in the Norwegian Sea. The seller was Norwegian energy company Equinor Energy

Dan Brostrom, executive chairman of Rex noted that this is the company’s second farm-in — an arrangement whereby an operator acquires an interest in a lease owned by another operator on which oil or gas has been discovered or is being produced — in Norway this year.

The PL263D and PL263E licenses are located on the Halten Terrace in the Norwegian Sea, around 15.5 miles southwest of the newly issued PL1062 license, according to Rex. The licenses are situated between the Asgard and Midgard fields.

“The Halten Terrace has emerged as an important area of focus for LPA,” said Lars Hubert, CEO of Lime Petroleum. “We have built up significant expertise in the area, and can effectively employ our strategy of technology-led, near-field exploration.”

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