Rex International: First Well Spudded at Bestla Oil Field, Norway – Lime Petroleum Holds 17% Share; First Oil Expected Early 2027 (5 Aug 2025)
Link: https://links.sgx.com/1.0.0/corporate-announcements/FQCB6M9817AQW38L/9c9662dbf7253d2a2283060f85a323cdfe8acb8f6eefac200528aa25b46d5f44
Summary:
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Rex International’s indirect subsidiary, Lime Petroleum, holds a 17% interest in the PL740 Bestla development offshore Norway.
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The operator has spudded the first of two production wells at the Bestla Field on 4 August 2025 using the Deepsea Yantai rig.
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Bestla is estimated at 24 million barrels of recoverable reserves and will tie back to the Brage Field (where Lime holds 33.8434%).
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The NOK6.3 billion (about US$571 million) Project Development Plan was approved in November 2024.
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First oil production from Bestla is expected in early 2027.
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Bestla is located 13km south of the Brage Field in the North Sea.
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Project breakeven is around US$40 per barrel, using standard technology and efficient solutions.
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OKEA ASA is the operator for both the Bestla and Brage Fields.