Rex International divesting stakes in Norway assets for up to US$43 mil; stock rises 14.8%

SINGAPORE (Jan 28): Rex International announced on Monday it is divesting its stakes in two Norway assets through its 90%-owned subsidiary Lime Petroleum.

The oil and gas exploration company is selling to Lundin Norway its 30% stake in the Rolvsnes discovery in PL338C, PL338E and its 20% stake in the Goddo prospect in PL815.

The transaction involves a cash consideration of US$43 million ($58.2 million) and a contingent payment of US$2 million if no adverse event materialises within a 12-month period from the completion of the divestment.

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