Rex International Holding

Rex updates on plans for Norway, Oman assets after replenishing war chest to $98 mil

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.

Rex’s Norway subsidiary divesting stake in non-core Barents Sea asset

(Oct 15): Rex International’s 90% subsidiary Lime Petroleum AS is divesting its 20% stake in the Barents Sea licence PL850, a non-core asset, to an external third party.

The divestment is part of Rex’s strategy for its asset portfolio in Norway, which is to focus on areas close to infrastructure in the Norwegian North Sea, while fully leveraging the group’s satellite technology-led exploration approach.

The sale, to be effective from Jan 1, requires regulatory approval.

Rex International targets first oil production in 2H19, may be on cusp of turnaround

SINGAPORE (Sept 19): Rex International Holding is seeking to turn profitable in 2020 when two of its oil wells in Oman and Norway come on stream.

On Sept 17, Rex also received a non-binding indication of interest for its concessions in Norway held under its subsidiary, Lime Petroleum.

Rex aims to start production for its Block 50 Oman oilfield in 2H19, starting with production at 5,000 bpd. Currently, Rex owns a 92.7% direct stake in this oilfield.

Rex International aims for higher revenue in 2018

SINGAPORE (Dec 7): Rex International Holding, the oil exploration and production company, is aiming for higher revenue from 2018 and beyond.

In a filing on Thursday, the group shared how it intends to create value for its key assets in Norway and Oman as well as its propriety Rex Virtual Drilling (RVD) technology.

In 1H18, an appraisal well is to be spudded in the Edvard Grieg South (Rolvsnes) prospect in Norway to better understand the reservoir.

Rex maps out plan to develop North Sea licences

SINGAPORE (April 17): Rex International Holding has mapped out areas under its North Sea licences off Norway for development using its virtual drilling technology.

Development feasibility studies are being carried out on the Edvard Grieg South (Rolvsnes) (EGS) discovery under licence PL338C, which is independently valued to have up to 77.9 million barrels of oil and up to 78.7 billion standard cubic feet of natural gas.

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