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Rex International issues clarification on Brage Field acquisition

Chloe Lim
Chloe Lim3/9/2022 06:03 PM GMT+08  • 2 min read
Rex International issues clarification on Brage Field acquisition
Rex International Holding has issued a clarification on the financial impact of the acquisition of the producing Brage Field
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Rex International Holding, on March 9, has issued a clarification on the financial impact of the acquisition of the producing Brage Field by its 91.65%-owned subsidiary Lime Petroleum AS’s (LPA). The acquisition was completed Dec 31, 2021.

Earlier on June 15, 2021, LPA entered into a conditional sale and purchase agreement (SPA) with Repsol Norge AS (Repsol), to acquire Repsol’s 33.8434% interests in the oil, gas and natural gas liquids (NGL) producing Brage Field on the Norwegian continental shelf for a post-tax consideration of US$42.6 million ($57,985).

The acquisition of the Brage Field did not contribute to any income or profit before tax in the group’s FY2021 ended 31 December 2021, but was recognised as a “gain from bargain purchase” of US$18.2 million in terms of accounting treatment, as the acquisition was completed on Dec 31, 2021, explained Rex in its statement.

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