Rex International Holding Limited (“Rex International Holding”, “Rex” or
the “Company”, and together with its subsidiaries, the “Group”), a multinational oil exploration and
production company, wishes to share updates on the Brage Field in Norway, in which its indirect
subsidiary Lime Petroleum AS (“Lime”) holds a 33.8434 per cent interest.
OKEA ASA, the operator of the producing Brage Field, has spudded an exploration well in the field.
This follows from the Norwegian Offshore Directorate’s announcement on 30 June 2025 that it had
granted permission for the wildcat well to be drilled. The exploration well, to be drilled in the southern
part of the Talisker discovery, aims to test hydrocarbon presence in geological layers that have not
been penetrated before. If successful, its results will help to determine the limits of the accumulation
and saturation in the area.
This exploration well is the first of three consecutive wells to be drilled in the same campaign by the
rig on the Brage platform. The two subsequent wells will comprise another exploration well and a
new production well.
Mr Lars B. Hübert, Chief Executive Officer of Lime, said, “The exploration wells in this campaign, if
successful, can add more reserves to the Brage Field, and in turn, extend the longevity of the field.
The producer well that we currently have in the same area is doing exceptionally well, and the second
producer that will be drilled during this campaign will serve to drain the proven reservoir effectively.
Production is expected to start during the first quarter of 2026. The Bestla tie-back to Brage is also
progressing on track and within budget. We will continue to work closely with our partners to unlock
more value from this long-producing field.”
In May 2025, exploration and delineation drilling along the eastern flank of the Brage Field resulted
in a discovery in the southern part of the Prince prospect. Preliminary estimates place the size of the
discovery between 1.9 to 17.5 million barrels of oil equivalents (mmboe) in place. With preliminary
estimates for recovery factor, this corresponds to between 0.3 to 2.8 mmboe. The discovery is being
assessed as part of the further development of the Brage Field.
The Brage Unit partnership comprises OKEA ASA (operator 35.2 per cent), Lime (33.8434 per cent),
DNO Norge AS (14.2567 per cent), Petrolia NOCO AS (12.2575 per cent), and M Vest Energy AS (4.4424
per cent).
About the Brage Field
According to the Norwegian Offshore Directorate, the Brage Field is located in the northern part of
the North Sea, 10 kilometres east of the Oseberg Field. The Brage Field was proven in 1980, and the
plan for development and operation (PDO) was approved in 1990. Production started in 1993. The
Brage Field is developed with an integrated production, drilling and living quarters facility with a steel
jacket. The field has been in production for a long time, and work is under way to identify new
methods to improve recovery. New wells are being drilled, often combined with investigation of
nearby prospects.