Rex Int’l unit discovers oil well in Norway with strong yield potential

The size of the well is estimated to be between 1.9 to 17.5 million barrels of oil equivalents.

Rex International Holding's (Rex) subsidiary, Lime Petroleum AS (Lime), has discovered a well with a 20-meter-thick oil column in sandstones exhibiting moderate to good reservoir properties during its drilling operations at the Brage platform in Norway.

According to preliminary estimates, the size of the discovery is between 1.9 to 17.5 million barrels of oil equivalents (mmboe). The well is expected to start production in late June to early July.

The Brage Unit partnership, in which Lime holds a 33.8% stake, will assess the discovery as part of the further development of the Brage Field.

The partners are scheduled to drill two more wells on Brage, both of which will be from untapped reservoirs.

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