In its report on the environmental impact study for the field dated Oct 20, OKEA, the operator, says it expects recoverable resources in Brasse to be 21 to 29 million barrels of oil equivalent (mmboe) or 3.39 million cubic metres to 4.58 million cubic metres.
According to Rex, the farm-in of Lime’s 17% stake in the license will result in some 4 mmboe of contingent resources net to Lime. The farm-in is conditional on customary governmental approvals, which Lime expects to be completed by the end of 2023 or early 2024.
“The farm-in is a further extension of Lime’s strategy to build value in the company by adding reserves and production, following our acquisitions of interests in the producing Brage and Yme fields in 2021 and 2022 respectively,” says Lars Hübert, Lime’s CEO.
“Through our participation in the Brage Field, we know the area very well. The Brasse Field development will have significant positive synergies with Brage, likely allowing the extension of Brage Field’s lifespan, adding to our cash-flow stream in the long-term. We look forward to working closely with the Operator, OKEA, and the other partners in the field in the months and years to come,” he adds.
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As at 11am, shares in Rex are trading 0.2 cents lower or 1.16% down at 17.1 cents.
