Lime, Rex Enter Norway Through North Energy’s Assets

North Energy ASA has signed a Letter of Intent (LoI) with Lime Petroleum Plc  and Rex Oil & Gas Limited  transferring parts of North Energy’s interest in the licenses PL 503, PL 518, PL 526 and PL 530 to Lime, upon their pre-qualification as an exploration company on the Norwegian Continental Shelf.

This will need the approval of the Norwegian authorities.

“We have come to know Rex and Lime and their technological approach in exploration in other parts of the world. We look forward to learn more, and have jointly decided that some of our licenses would provide a suitable testing ground for application in Norway. How and to which extent this is done has to be decided by the partners in the different licenses” says the CEO of North Energy, Erik Karlstrøm.

Lime is an exploration company, mainly active in the Gulf Cooperation Council area, and intends to establish a wholly owned Norwegian subsidiary in 2012. Rex is the owner of different innovative exploration technologies.

”To fulfil the long term strategy of Rex Oil & Gas Ltd we are now stepping into Europe, through LIME, one of our daughter companies and using Norway as our gateway. With Rex having concessions in Far East, Middle East and Africa, Europe is one of the missing parts of the puzzle. By using our own advanced technologies we are aiming at always be at the leading edge of exploration and that goes also for Europe. The cooperation between LIME and North Energy is a good base for a success story “says Professor Karl Lidgren , chairman of Rex Oil &Gas Ltd.

The intention of the Parties is to agree on the final terms of the agreements, and to have such agreements finally approved by the respective Board of directors within end April 2012.

Mans LIDGREN, CEO of Lime Petroleum Plc said:

 “We are happy to officialize this main step into a very promising collaboration with North Energy. It is a great achievement for Lime Petroleum Plc, mainly for three reasons: 

First, Lime will geographically diversify its oil & gas exploration activities. As of today, Lime is exclusively active in the Middle East, working on concessions in the Sultanate of Oman, in the Emirate of Ras-Al- Khaimah and the Emirate of  Sharjah.The addition of concessions in Norway will give LIME Petroleum PLC a geographic, geopolitical and geophysical diversification.

 Second, Lime will benefit from the great experience and knowledge of North Energy in this specific area.

 Third, Lime also looks forward to prequalify as an license owner in Norway as soon as possible. The prequalification of LIME and the approval by the Norwegian authorities will verify LIME`s attractive business model.

We look forward to create great values on the Norwegian Continental Shelf.”

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Offshore Energy Today Staff, April 10, 2012