A subsidiary of Rex International Holding Limited 5WH , Lime Petroleum AS, has been approved for oil and gas exploration in Norway by the Norwegian Ministry of Petroleum and Energy, following the completion of the application process that started in April 2022.
“Lime Petroleum AS has been pre-qualified as an operator on the Norwegian Continental Shelf by the Norwegian Ministry of Petroleum and Energy on March 28 March,” reads a March 30 press release.
Lime is a 91.65% subsidiary of Rex that was established in 2012 in Oslo. It was pre-qualified as a partner company in February 2013. The organisation deals with oil and gas exploration both from Norway and internationally.
Lars Hübert, chief executive officer of Lime, says: “The pre-qualification as operator marks an important milestone for Lime, as it is a confirmation that Lime has built a competent organisation for all major functional areas. We have grown from strength to strength over the years, from a pure oil and gas exploration company with partner status, to one with production assets, and now with operator pre-qualification. We aim to expand on this trust and will continue to build a stronger presence on the NCS, actively seeking new opportunities to enhance our asset portfolio. Lime now also looks forward to using this operator status for further value creation.”
Shares in Rex International closed 0.3 cents higher, or 2.05% up, at 15 cents on March 30.
