Rex International Holding Limited announced that between 0.2 and 0.5 million Sm3 of recoverable oil (or 1.25 to 3.1 mmbbl of recoverable oil) was proven in connection with the drilling of a production well in the Brage Field, located in the northern part of the North Sea, by operator OKEA ASA. Rex's 91.65% subsidiary Lime Petroleum AS ("LPA") holds a 33.8434% interest in the Brage Field. As such, the discovery will add 0.4 to 1 mmbbl of oil reserves in the Brage Field net to LPA. The well was drilled from the platform on the Brage Field, which has been producing since 1993. The
field was proven in 1980 in reservoir rocks in the Statfjord and Brent Group and in the Fensfjord and Sognefjord Formation. The Brage Field is developed utilising an integrated production, drilling and living quarters facility with a steel jacket. The oil is transported by pipeline to the Oseberg field and onward in the Oseberg Transport System (OTS) pipeline to the Sture terminal. A gas pipeline is connected to the Statpipe pipeline system.