Rex International's (SGX:5WH) indirect 80.14% subsidiary Lime Petroleum, through the operator of PL740 Bestla, spudded first of two production wells in Norway, according to a Tuesday filing with the Singapore Exchange.
Shares of the company were up over 2% in recent trading.
The well is drilled by the rig Deepsea Yantai from the Bestla Subsea Template. The field is estimated to contain 24 million barrels of oil equivalent gross in recoverable reserves.
First oil is expected at the start of 2027.
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