The new discovery of oil in Brage Field will see 0.4 million barrels (mmbbl) of oil to 1 mmbbl of oil reserves added to Lime Petroleum, the 91.65%-subsidiary of Rex International on a net basis.
The addition comes after 0.2 and 0.5 million standard cubic metres (sm3) of recoverable oil (or 1.25 mmbbl to 3.1 mmbbl) was proven in connection with the drilling of a production well in the Brage Field located in the northern part of the North Sea.
The well was drilled from the platform on the Brage Field, which has been producing since 1993. The field was proven in 1980 in reservoir rocks in the Statfjord and Brent Group and in the Fensfjord and Sognefjord Formation.
Shares in Rex closed 0.2 cents lower or 1.18% down at 16.7 cents on Oct 26.
