Rex International’s 80.14% subsidiary, Lime Petroleum Holdings, has signed a contract with Borr Gerd for a modern-built jack-up rig, which will be used for a 120-day drilling campaign in Benin, a country in West Africa.
Benin, a country in West Africa, is where the Sèmè Field is located at. The Sèmè Field is operated by Akrake Petroleum Benin S.A., a wholly-owned subsidiary of Lime Petroleum Holdings.
Akrake owns a working interest of some 76% in the field and aims to submit a field development plan to the Ministry of Energy, Water and Mines, and restart production in the field in the second half of 2025. The interest is subject to the Benin government’s entitlements under the production sharing contract.
As at 9.17am, shares in Rex International are trading 1.2 cents lower or 10.08% down at 10.7 cents.
