Rex International's (SGX:5WH) Brage Field operator, OKEA ASA, started a spudding process on an operation field, according to a Tuesday filing with the Singapore Exchange.
The spudding comes after the Norwegian Offshore Directorate granted the company permission to begin its initial drilling operations.
The exploration aims to test hydrocarbon presence in the geological layers and is the first of three wells to be drilled in the same campaign by the rig.
Shares of the company were up over 4% in recent trading.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments