Oil and gas exploration and production company Rex International (Rex International) announced that Norwegian Brage Oilfield, which owns a 33.8434% stake in its subsidiary Lime Petroleum Holding, has officially launched a new exploration well drilli...
Oil and gas exploration and production company Rex International (Rex International) announced that Norwegian Brage Oilfield, which owns a 33.8434% stake in its subsidiary Lime Petroleum Holding, has officially launched a new exploration well drilling project.
Lime Petroleum president Lars B. Hübert said that if the drilling results are achieved, it will add more recoverable reserves to the Brage field and help extend production life. Currently, one of the production wells in this area has performed well. The second production well to be drilled is expected to effectively exploit the existing reservoir and is scheduled to be put into production in the first quarter of 2026.
Rex International issued a statement on Tuesday (July 8) saying that the drilling plan includes two exploration wells and a new production well, and this round of drilling plan is the first of these three consecutive drilling wells. If drilling is successful, it will help determine the boundaries and saturation of reservoirs in this area and lay the foundation for subsequent development.
Rex International closed up 7.02% on Tuesday, closing at 0.183 yuan.
