Rex International Holding has announced that the relevant Norwegian authorities have approved the following extensions for PL818 and PL818B Orkja in the North Sea and PL838B Shaw in the Norwegian Sea, in which Rex’s 90% subsidiary Lime Petroleum holds 30% interests in each of the licences:
PL818 and PL818B Orkja
- Approval granted on 10 March 2021
- One-year extension for the drill-or-drop decision deadline to 5 February 2022
- Initial period which endson 5 February2026remains unchanged
- Approval granted on 15 March 2021
- One-year extension for the drill-or-drop decision deadline to 1 March 2022
- Initial period extended by a year to1 March 2027
For clarity, there are several decision pointsduring the initial period for a licence, the firstand most consequentialof which would bethe drill-or-drop decision. By this date, partners in the licence would need to commit to drilling a wellor may decide to drop a licence.
Further announcements will be made upon any material developments.
Source: Rex International