An operator which Rex International Holdings’ has an interest in, has announced the spudding of two production wells in the Bestla Field in Norway on Aug 4.
The operator of PL740 Bestla, which Rex’s indirect subsidiary Lime Petroleum has a 17% interest in, has drilled into the Bestla Field which is estimated to contain 24 million barrels of oil equivalent gross in recoverable reserves.
The NOK6.3 billion (about US$571 million) Plan for Development and Operation (PDO) for the Bestla Field was officially submitted to the Norway Ministry of Energy last April and was approved Nov 19, 2024.
The PL740 Bestla development is located in the northern North Sea, 13 kilometres south of the Brage Field. OKEA ASA is the operator for both the Bestla and Brage Fields.
The Brage Platform will serve as the host facility for production, processing and export. First oil is expected in early 2027.
“The Bestla development is exemplary in the use of standard solutions, well-proven technology, and close cooperation with strategic partners. With a project breakeven at around US$40 per barrel, the development is an efficient and cost-effective one, which is all the more important against volatility in oil prices amid the current geopolitical situation,” says Lars B. Hübert, CEO of Lime.
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Shares in Rex International closed 0.1 cent higher or 0.518% up at 19.4 cents on Aug 5.
