REX International

REX International: Subsidiary will receive 10% stakes in two exploratory licences in Norway from North Energy ASA. These two licences had been awarded to North Energy in the 22nd licensing round by the Norwegian Oil and Energy Department in June this year. Both licences are situated in the Barents Sea, near the coast on the Finnmark East platform. No consideration is needed to be paid for the transfer of the 10% stakes, which is pending regulatory approval. REX notes that at its listing, it had shared our intention to grow its portfolio from 10 licences to 20 within the next 12 mths. Over the last two months since its listing, grp have grown its initial portfolio from 10 to 13, including the investment of a 51.99% stake in a co that will hold three licences in Trinidad & Tobago, and now to 15. Rex was listed in July.