Rex International Holding and its subsidiaries announced that their jointly-controlled entity Lime Petroleum Norway have signed an agreement with North Energy to acquire 5% stakes in two additional licenses in Norway.

Called PL591 and PL591B, both licenses are operated by Tullow Oil Norge and have been assessed using Rex Virtual Drilling technology. Exploratory drilling in the licenses is expected to start in 1H2015. Both licences are located in the Halten area of the Norwegian Sea in water depth of some 300 metres.

The transfer of the 5% stakes is still pending regulatory approval. Rex CEO Måns Lidgren says Rex has detected promising prospects in these two licenses, which have been validated by geological datasets. The company took a 5% stake in the licenses as drilling will start as early as 1H2015, he adds. The concessions are expected to yield at least 50 million barrels of oil.