Rex International’s subsidiary Lime Petroleum has discovered a well the size of 1.9 to 17.5 million barrels of oil (mmboe) in the Brage fields in Norway, according to a bourse filing on May 28.
This discovery is the result of an exploration and delineation drilling by the rig on the Brage platform, along the eastern flank of the Brage field in which Lime has a 33.84% interest.
The well is a three to four-metre thick sandstone layer in the Sognefjord Formation, and was drilled to a total depth of 1,138 metres.
The preliminary estimates for the recovery of oil from the well is 0.3 to 2.8 mmboe.
Moving forward, the Brage unit partnership — which consists of Lime, OKEA, Petrolia NOCO and M Vest Energy — will assess the discovery as part of the further development of the Brage field.
The partnership unit most recently finished drilling a production well in the Kim discovery, which is expected to start prodution in late June or early July. Two more wells are scheduled to br drilled on Brage in 2025, both of which from untapped reservoirs.
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The Brage field, located in the northern part of the North Sea, was proven in 1980 and the plan for development and operation was approved in 1990, with production starting in 1993.
Shares in Rex International closed 0.2 cents lower or 1.587% down at 12.4 cents on May 28.
