$Rex Intl (5WH.SG)$ A consortium including Lime Petroleum AS...

A consortium including Lime Petroleum AS, a 91.65% subsidiary of Rex International Holding , has made its final investment decision to develop the Brasse field in the North Sea as a tie-back to the Brage field.

The Brasse development, known as PL740, is located 13 kilometres south of the Brage field in the northern North Sea. It is estimated to contain 24 million barrels of oil equivalent gross in recoverable reserves.

Lime holds 17% and 34.8% interests in the Brasse and Brage fields, respectively.

The field is expected to come on-stream during the first half of 2027 and is anticipated to operate until 2031 with potential for extension.

Plateau production is estimated at around 26,000 barrels of oil equivalent per day (boepd) gross, or about 4,420 boepd net to Lime, and is expected within the first year of production.

Lime CEO Lars B. Hübert says: "The Brasse development is a significant milestone for Lime as it is the first development project that we will participate in. The Brasse development is synergistic with Brage and strategic for us in terms of economies of scale and potential extension of Brage Field's lifespan."