Rex International Unveils Significant Oil Discoveries at Norway’s Brage Field – What It Means for Shareholders

Key Takeaways from the Press Release

• Major oil discoveries announced in the Cook and Statfjord formations within the Brage Field, Norwegian North Sea.
• Estimated recoverable resources: 16–33 million barrels of oil equivalent (mmboe) combined.
• Lime Petroleum AS (LPA), Rex’s indirect subsidiary, holds a substantial 33.84% interest in this field.
• Hydrocarbons also detected in Brent group sandstones, with further appraisal drilling scheduled for Q4 2025.
• The Talisker well, drilled from the Brage platform, is one of the longest on the Norwegian Continental Shelf at 10.223 km.
• The Brage partnership includes OKEA ASA (operator), DNO Norge AS, Petrolia NOCO AS, and M Vest Energy AS.
• Earlier in May 2025, another discovery was made at the Prince prospect, with estimates of up to 17.5 mmboe in place.
• The Brage Field has been producing since 1993, with ongoing efforts to extend its operating life and enhance recovery.
• Rex International uses proprietary Rex Virtual Drilling technology for de-risking exploration assets.

What Shareholders Need to Know

This announcement is highly price-sensitive and could significantly impact Rex International’s share value. The discovery of up to 33 mmboe of commercial resources is material, especially given Rex’s sizable equity stake. The extension of Brage Field’s life through these new finds may translate to future revenue streams, cash flow, and possible reserves upgrades.

• The discoveries are already deemed commercial, not just speculative.
• Further appraisal and production wells are scheduled, which may increase the resource base and clarify the full value of the finds.
• Rex’s technology edge and partnership with established operators like OKEA could mean further successful exploration and efficient development.
• Significant upside potential exists if ongoing drilling confirms additional hydrocarbons in the Brent group sandstones.
• Retail investors should monitor updates from the Norwegian Offshore Directorate and the company, as more well results are expected in the coming months.
• The discoveries come at a time when the Brage Field is mature, so new finds are especially valuable for extending production and unlocking residual value.
• Any material increase in production or reserves could improve Rex International’s financial outlook, asset base, and market sentiment.
• Potential risks remain, such as uncertainties in recovery factors, future oil prices, and successful completion of appraisal wells.

In-Depth Details for Investors

The Talisker exploration well was drilled from the Brage platform and represents a key technical achievement, being one of the longest wells drilled in Norway. The campaign includes two more wells: one appraisal and one new production well, ensuring continued operational momentum and potential for further resource upgrades.

Earlier in the year, drilling along the eastern flank of Brage led to a discovery at the Prince prospect, with preliminary resource estimates of 1.9–17.5 mmboe in place (recovery factor suggests 0.3–2.8 mmboe could be recovered). These finds are now being evaluated for integration into broader field development plans.

The Brage Field is strategically located near existing North Sea infrastructure, enhancing development economics and reducing risk. Rex, through LPA, is well placed with a nearly 34% stake in the unit, alongside experienced partners. The field’s long production history and new recovery methods suggest further upside could be realised.

LPA, established in Oslo in 2012, has built a strong portfolio focusing on mature areas close to existing infrastructure. The company’s expertise and technological capabilities, including its Rex Virtual Drilling tool, provide a competitive edge in identifying and extracting oil resources.

Rex International Holding itself is a multinational oil E&P listed on the Singapore Exchange, with interests in Norway, Germany, Oman, and Benin. The company’s track record includes four offshore discoveries since 2013.

Investor Considerations – Why This News Could Move Rex’s Share Price

• Material increase in reserves and production potential from Brage Field discoveries.
• Substantial equity interest in the project amplifies Rex’s exposure to future cash flows.
• Further drilling and appraisal may unlock additional value and upside.
• Potential for positive market sentiment and re-rating of Rex shares if commerciality and production are confirmed.
• Ongoing updates and final well results in Q4 2025 to provide more clarity for investors.
• Rex’s technological edge and partnerships reduce operational risk and support efficient asset development.

Conclusion

Retail investors should closely watch Rex International following this announcement. The scale and commerciality of the oil discoveries in Norway’s Brage Field offer tangible upside, with further drilling to come and more data expected soon. The news is price-sensitive and may have a direct impact on Rex’s future valuation and growth trajectory.

Disclaimer

This article is provided for informational purposes only and does not constitute investment advice. The information is based on the company’s press release and may include forward-looking statements subject to risks and uncertainties. Investors should conduct their own due diligence and consult professional advisors before making any investment decisions. No warranty is given for the accuracy or completeness of the information, and the author assumes no responsibility for any losses that may arise.

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