Rex International Holdings’ subsidiary, Rex International Investments (RII) will subscribe to one million new Lime Petroleum Norway AS shares at a nominal value of NOK 100 per share for a total transfer price of NOK 100 million ($16.8 million).
The capital injection is to enable LPN to fulfil its obligations under its drilling programme and for general working capital.
Rex will fund the capital injection through internal resources.
LPN is a subsidiary of Lime Petroleum Plc, which is 65%-indirectly held by Rex.
RII will have a 26.18% direct stake, while Lime holds the remaining 73.82% of the enlarged issued and paid-up share capital in LPN. After the capital injection, Rex’s effective interest in LPN will increase from 65% to 74.16%.
LPN has stakes in 16 licences in the Norwegian Continental Shelf and plans to drill at least three more wells by 2016.
Rex closed 4.5% lower at 8.4 cents on Monday.
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The capital injection is to enable LPN to fulfil its obligations under its drilling programme and for general working capital.
Rex will fund the capital injection through internal resources.
LPN is a subsidiary of Lime Petroleum Plc, which is 65%-indirectly held by Rex.
RII will have a 26.18% direct stake, while Lime holds the remaining 73.82% of the enlarged issued and paid-up share capital in LPN. After the capital injection, Rex’s effective interest in LPN will increase from 65% to 74.16%.
LPN has stakes in 16 licences in the Norwegian Continental Shelf and plans to drill at least three more wells by 2016.
Rex closed 4.5% lower at 8.4 cents on Monday.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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