SINGAPORE (Aug 19): Shares in Rex International Holding are trading 1 cent or 8.82% higher at $0.07 at 11.48am on Monday with 29.3 million units traded after unveiling its business strategy for the immediate future.

Rex, which uses satellite technology to look for underground oil, said subsidiary Lime Petroleum AS plans to start drilling in two Norwegian Sea licences in the second half of the year. Rex had acquired a 30% stake in each of the licences in June.

In Oman, Rex plans to generate revenue from its GA South asset, which it aims to put into production by end 2019. This will be funded mainly through off-balance sheet financing, said the company.

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