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2018

4 June, Business Times: Rex expects to reap revenues from oil production

"Rex International chief executive officer Mans Lidgren says: "When the oil price was US$27 to US$30 per barrel, there was no way we could take these assets to production and profit. So, we had to sit back and wait until oil prices came back. We always believed it would... it was a question of timing. Three years on, now we are concentrating hard on getting our assets to production because if oil prices stay where they are, we can produce profitably and bring good revenue to the company.""

"According to him [Rex executive chairman Dan Brostrom], Rex's technologies have high predictive capabilities of dry wells, which saves oil exploration teams time and money. To drill an offshore dry well could cost at least US$20 million – an outlay that can be saved if "a couple of hundred thousands" spent doing a study with Rex's technology shows a low likelihood of finding oil there."

7 May, Next Insight: REX INT'L: Substantial upside potential for share price, says management

"Not that many companies of our size are pre-qualified in Norway and I think is right to say that our technology played a very important part in us getting that pre-qualification," said Mr Dan Broström, executive chairman of REX.

As CEO Mans Lidgren recounted: "We have used our technology-led, de-risked exploration approach to build a cluster of investments in the Rolvsnes area in the North Sea. They are close to existing pipeline infrastructure, so that upon more discoveries, commercialisation can be fast-tracked."

7 April, Oman Observer: Oil to flow from Oman’s east coast in 2019

"Singapore-based Rex International Holding Limited, the majority shareholder in Masirah Oil Limited, which owns and operates Block 50 off the Sultanate’s eastern seaboard, says it sees the potential to commence production from a key offshore discovery next year.

"The evaluation of the development programme for the GA South-1 discovery in Oman is ongoing and will continue until the first half of 2018. Should the evaluation be positive, the Group will aim to start production from GA South-1 in 2019,” said Rex International in its newly published 2017 Annual Report."

5 April, Offshore Magazine: Masirah targeting oil production early next year from GA South offshore Oman

 

19 January, Offshore Magazine: Lime sees tieback potential in latest offshore Norway license

"Måns Lidgren, CEO of Rex International Holding, said: “PL818B, like the Rolvsnes discovery, is located near to Johan Sverdrup, one of the five largest oil fields on the Norwegian continental shelf, and adjacent to the producing Edvard Grieg and Ivar Aasen fields. "We are very pleased that LPA now holds stakes in a cluster of investments in this oil-prolific area that already has pipeline infrastructure in place, allowing a fasttrack path to potential commercialization and return on investment when we make more oil discoveries.""

18 January; The Edge Singapore: Rex’s Lime Petroleum wins new offshore licence in Norway

“Rex International, the tech-driven oil exploration company, announced its 87.84% subsidiary, Lime Petroleum AS, has won a new offshore licence in Norway. The licence is PL818B, an extension of the licence PL818, which is held by the same operating JV comprising Aker BP, Lime and Statoil. Rex says the two North Sea licences have "significant exploration potential" with the principal prospect Orkja straddling between them. A drill or drop decision for the combined licences is expected in summer 2018 with possible drilling in 2019.”

10 January, Business Times: Rex International unit awarded US$1.95m as HiRex arbitration ends

“Catalist-listed oil explorer Rex International Holding on Tuesday said that arbitration between its wholly owned subsidiary, Rex Technology Management (RTM), and HiRex Petroleum Sdn Bhd has concluded - with RTM being awarded US$1.95 million as a result. HiRex is a joint venture company between Rex International's subsidiary, Rex South East Asia, and Hibiscus Petroleum Berhad. According to Rex International, arbitration between the two parties began on Nov 24, 2016 when RTM sought payment of "not less than US$1.25 million plus interest and costs for services rendered to HiRex".”