Rex International Holding (SGX:5WH) reported an increase in proved (1P) oil reserves at the Yme and Brage fields in Norway, according to a Monday filing on the Singapore Exchange.
At Yme, 1P oil reserves rose 30% to 2.70 million barrels, while 2P reserves declined 6.8% to 3.37 million barrels, according to an independent summary report by ABL Group Norway.
Brage's 1P oil reserves increased 25.5% to 2.4 million barrels, with a 16.9% rise in 2P reserves to 2.98 million barrels. Meanwhile, natural gas and natural gas liquids reserves at Brage saw significant reductions.
Lime Petroleum, in which Rex holds an indirect 80.1% stake, has working interests of 25% in Yme and 33.8% in Brage.
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