International media coverage

Check out this archive of international media coverage on the Rex Group and its activities.

9 Apr, Offshore Renewable Energy Facebook

Lime Petroleum

26 Mar, Offshore Oil & Gas Magazine

Lime set for Norwegian Sea license farm-in

10 Mar, Petroleum Economist

Oman advances on multiple fronts

29 Feb, Oil Price

What’s Next For Omani Oil?

20 Feb, Oilfield Technology

Masirah Oil achieves first oil from Oman well

19 Feb, Offshore Energy Today

Masirah flows first Yumna oil into tanker

27 Nov, Offshore Engineer

Masirah Contracts Wings Offshore for FSO

14 Nov, Business Times Online

Rex International swings into the black for Q3

24 June, Offshore Oil & Gas Magazine

Lime set to participate in North Sea Shrek well

15 October, Offshore Magazine

Lime set to withdraw from Barents Sea license

4 October, Trade Arabia

Rex aims Oman oil production in H2,2019

3 October, The Oil & Gas Year

Rex International changes tack in Oman

2 October, Offshore Oil & Gas Magazine

Rex reaffirms commitment to oil production offshore Oman

23 September, NextInsight

REX INT'L: Turning Around; Targeting First Oil Production

“Excerpts from UOB Kay Hian report: In 2H19, Rex is looking to turnaround into profitability in 2020 when two of its oil wells come on stream. Its Oman oil well is to start production in 2H19 with 5,000 bpd. The Rolvness oilfield is slated to start in 2020, with 7,000 bpd and this is set to increase to 14,000 bpd by end-20. Rex could generate S$32.7m net profit in 2020 if the oilfields deliver as planned. In addition, Rex has cash totalling S$56.9m as of 1H18 and it could receive S$34.5m from the Oman government in 2019 if they exercise their option for a 25% stake, based on a historical cost pool of S$138.0m.”

19 September, NextInsight

REX INT'L: How much might its Norwegian oil assets fetch?

“Rex International Holding announced successful developments in Norway on 27 Aug 2018, following which it received unsolicited, non-binding indications of interest in the portfolio of licences held by Lime Petroleum AS, a 90 per cent subsidiary of Rex. So the big question is how much might Lime Petroleum be worth? Lime Petroleum holds a 30% stake in Rolvsnes discovery in Norway and a 20% stake in the adjacent Goddo prospect. Estimated net combined resource to Lime: >40 mmboe, based on a conservative assumption of net 20% to Lime. Illustrative example: Net 40 million barrels of oil in Rolvsnes and Goddo combined would have a value to Lime after discovery of US$ 80 million assuming current oil-in-the-ground valuation of US$ 2 /bbl. Assuming a higher oil-in-the-ground valuation of US$ 5 /bbl, the value to Lime would be US$200 million. In per share terms, US$80 million translates into about 8.4 SGD cents while US$200 million is 21 SGD cents. These figures are large relative to Rex's stock price, currently at around 11.4 SGD cents.”

29 August, Next Insight

REX INTERNATIONAL: Closer to generating recurring revenue

“Rex International has announced that the drilling and production testing of well 16/1-28S on the Rolvsnes oil discovery in PL338C, in which Rex’s 90 per cent subsidiary Lime Petroleum AS holds a 30 per cent interest, has been completed successfully. The operator, Lundin Norway AS, has drilled a 2.5km horizontal section in the reservoir. The drilling results show good reservoir productivity and connection to a significant oil volume, with production rate of up to 7,000 barrels of oil per day (bopd), confirming sustainable commercial oil flow. The next step towards commercialisation is to tie the well to the adjacent producing Edvard Grieg platform which is also operated by Lundin.”

27 August, Business Times Online

Rex flags production upside off Norway

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."

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.""

7 December, NextInsight

REX INTERNATIONAL: Targets substantially higher revenue from 2018

“Mr Dan Broström, Executive Chairman of Rex International Holding, said, “When we were first listed in mid-2013, our business model was to focus on using the RVD technology on our own assets to increase the chance of success in finding oil and then to sell oil-in-the-ground upon any discovery. With the collapse of oil prices since mid-2014, we have moderated our drilling plans to focus on getting our key assets to production.

"To concentrate on our core competence in the technology arena, we are seeking operational partners of high professional standard for Oman. In Norway, we are already working with highly experienced partners in the licences, in particular Lundin Petroleum Norway AS who is also the operator of the licence PL338C (Edvard Grieg) discovery.””

19 January, The Edge

Rex Chairman buys more shares

4 January, Business Times

Company briefs: Rex International Holding

4 October, NextInsight

Energy sector was strongest in Sept, REX jumped in trading volume

"Outside the 10 largest capitalised stocks of Singapore's Energy Sector, Rex International ranked among the 10 actively traded stocks that saw the biggest increase in September volumes (compared to three month average volumes)."

3 October, SGX

Energy was the Strongest of the Sectors in September

5 September, NextInsight

Rex International: In healthy cash position, aims to generate cash flow

"Rex shares appear to be grossly undervalued; given that the current market capitalisation of the Company is even less than the value of our liquid assets. The market has not price in any value for our proprietary technologies and our interests in licences, which include a discovery in Oman and another in Norway, both of which have the potential to be monetised over the medium term.".

6 July, NextInsight

Subsidiary Lime Petroleum ordered to be wound up immediately

"In another development in the tussle between Rex International and a Malaysia-listed company, the High Court of the Isle of Man on 30 June (2016) ordered the immediate winding up of Lime Petroleum."

Dan Broström, Executive Chairman of Rex International, said, "the Company reiterates that it has always been confident that the Lime Directors have at all times acted consistently with their duties to Lime and is pleased that the Lime Directors have once again been fully vindicated by this latest judgment on the application to wind up Lime."

8 June, NextInsight: Rex International

Tastes victory in first of three legal cases

""For the reasons I have referred to I am not persuaded that Gulf is acting in good faith. I am concerned, on the evidence and arguments presented that Gulf´s conduct and approach taints its good faith and I am not convinced that Gulf is acting with entirely "clean hands". Frankly, based on the evidence presented to me, I am of the view that Gulf has no real genuine interest in advancing the interests of Lime. I am of the view that Gulf simply wishes to advance its own interests and to damage those of Rex."

-- His Honour the Deemster Doyle”

10 April, NextInsight

Rex International: When the Storm Blows Over

““Rex is in a good financial position and will continue to minimise exploration risks with its proprietary RVD technology and geological review by its Technical Review Committee, and will only participate in selected drilling campaigns that are economically viable in the current challenging environment.””

21 January, Business Times

Rex International Unit takes part in Norwegian Licensing Round

13 January, NextInsight: Rex International

Staying steady, looking further out to monetize oil discoveries

"Rex's chairman Mr Dan Brostrom explains, "We have liaised with established players such as Lundin and Statoil, who realise we have some interesting technologies that reduce their risk in drilling. We are going with them into areas that are oil-prolific and where there are already discoveries made and these players have been involved there. These are logistically built-up areas, and there's enough work there to keep us busy for some time.".. "we have it all funded for 2016. And the Board's position is we have to be very prudent with the cash we have.""

14 December, Business Times

Rex raises stake in Norwegian unit to 98.8%

14 December, Energy Keyfacts

Rex International increases interest in Lime Petroleum Norway

14 December, SGDealbook

Rex International takes 98% stake in LPN

24 November, Business Times

Rex in deal to merge assets in Trinidad

20 August, Business Times

Rex JV to buy 30% of North Sea licence

21 May, Asian Oil & Gas

MEO, Rex Beehive partnership

21 May, Rigzone

MEO farm-out 30% stake in WA-488-P Permit to Rex International Holding

21 May, Deal Street Asia

Rex Bonaparte Gulf acquires 30% interest in Australian oil block licence

21 May, Upstream

MEO secures Beehive partner

12 May, Business Times

Oil & gas sector gearing up for more M&A deals

17 April, NextInsight

Rex: At Exciting Start of Promising Oil-Drilling Campaign

""The current environment of low oil price is a window of opportunity for exploration work at a much lower price to fill up our well discoveries," said Rex International co-founder and major shareholder Hans Lidgren. "With the money we currently have, we can do twice as much as what we could have done before the oil price slump," he said. "We believe, with a high degree of confidence, that we can find, much more easily, these large oil fields," Kristofer Skantze, Rex International's Chief Operating Officer who was also at the Media Briefing. "If oil prices go up again in the short term, we expect to have more oil reserves in our portfolio to sell. We have many exploration activities in Norway in 2015 and this is a result of the pre-qualification approval (of our jointly controlled entity in Norway) by the government and subsequent high-grading work using Rex Virtual Drilling on assets we've been looking at," said Mr Lidgren. "The drilling technology there is very mature so it is comparatively safe ground to be in. This is a very good opportunity for us to demonstrate the capability of Rex Virtual Drilling and our other proprietary exploration technologies. Norway's a very favourable region to be in because of a 78% tax subsidy from the government on your expenses in oil exploration, regardless of whether you make a discover or not but, you have to be a pre-qualified company, which we are," said Mr Skantze. He also mentioned that "the exploration programme to drill up to 10 wells this year, focusing on identifying and proving up new prospects, is extremely ambitious. To put this in perspective, we are on par in terms of activity level with companies 10 times our size. In addition to Norwegian concessions, we will also be drilling in Trinidad and Oman where we are still working on identifying how much oil there is. We are in this with very reputable companies and we have entered on very favourable terms. They want us to be in on it because we have the technology that can add value to the consortium. In general, we don't participate in drilling prospects unless there is potential for at least 50 million barrels of recoverable oil.""

15 April, Straits Times

Rex sees upside in lower oil prices

17 February, Rigzone

Lime Inks Deal with Tullow Oil for 20% Stake in 3 Licenses off Norway

"Man's Lidgren, CEO of Rex International Holding, said, "Lime Norway completed the acquisition of a 5 percent stake in PL 591 and the neighbouring PL591B from North Energy in October 2014 and was awarded PL591C in the latest 2014 Awards in Predefined Areas (APA) round in January. We are pleased to seize this opportunity to increase our stake in the licenses, given the promising potential we see in the Zumba prospect with Rex Virtual Drilling and the upcoming spud date of the exploration well.""

21 January, Oil & Gas Technology

Rex strikes oil at two wells onshore Trinidad

21 January, The Edge

Rex International Holding has completed drilling three wells in an oil block in Trinidad & Tobago and found two of them to be commercially viable

21 January, Upstream

Rex cheers T&T double find

9 December, Times of Oman

Oman should focus more on offshore oil and gas production

4 December, Scandinavian Oil & Gas Magazine

Masirah Oil commissions 3D seismic survey in Block 50 Oman

3 December, Oman Observer

Masirah Oil launches new 3D seismic survey of Block 50

18 November, Energy-Pedia

Australia: Rex International acquires stake in VIC/P57, offshore Gippsland Basin

8 October, Rigzone

Rex Completes Acquisition of Stakes in 2 Licences Offshore Norway

8 October, Mentor IMC Group

NOC Contract for Rex International Holding

7 October, ShanghaiDaily

Singapore Stocks end down 0.28 pct

6 October, Oil & Gas Technology

Rexonics Nets Maiden Well Stimulation Contract with Unknown National Oil Company

23 September, Straits Times

Company Briefs - Rex International Holding

23 September, Business Times

Company Briefs – Shareholding Changes at Rex International

17 September, Business Times

Brokers Take (DBS Vickers Research) - Rex International Holdings

“Buy” maintained with adjusted TP of S$1.05

11 September, The Edge

Rex International wins Offshore Discovery of the Year award for discovering Block 50 Oman

11 September, Business Times

Rex International Unit Gets Award in Oman for Offshore Discovery

3 September, Upstream

Rex Takes Control

3 September, Business Times

Rex International to fully acquire exploration technologies

14 August, Rigzone

Rex International Holding Adds New Technology to Detect Hydrocarbons

17 July, The Business Times

Rex Sells Trinidad working interest to Leni Oil & Gas

23 June, The Edge

Riding Hot Oil Stocks

“This is a very high-risk industry where only 10% to 15% of the wells drilled contain oil or gas and the rest are dry. But compared with other players, we have a much lower risk because we use satellite technology that allows us to generate higher –resolution maps and zoom in on relevant areas where there is potential to find O&G.” … “Because of this edge in knowing where to explore for oil, we are able to look at a lot more opportunities compared with other companies. Last year, we looked at more than 100 potential contracts. This year, we plan to look at 200 in selected jurisdictions, and we are striving for a success rate of 50%. We will continue to focus on adding exploration assets to our portfolio, but will also look at producing assets that can generate income in fiscally attractive jurisdictions,” says Måns Lidgren, CEO of Rex International.

6 June, World Oil

Lime Petroleum Norway to get stakes in two more licences from North Energy

6 June, Upstream Online

Singapore-listed Rex International has taken a 5% interest in two licences in Norway through its subsidiary

6 June, The Edge

Rex International Holding and its subsidiaries announced that their jointly-controlled entity, Lime Petroleum Norway has signed an agreement with North Energy to acquire 5% stakes in two additional licences in Norway.

6 June, Energypedia

Norway: Lime Petroleum acquires interests in PL591 and PL591B from North Energy

19 May, XINMSN

Rex International in talks with companies in Norway

14 May, Singapore Business Review

Rex International Holding promotes Per Arne Lind to CFO

13 May, Energy-pedia

Australia: Rex International signs HOA to acquire a stake in VIC/P57, offshore Gippsland Basin

13 May, 4-traders

HIREX signs HOA for 20% in Offshore Licence in Australia

8 May, Breaking News Trinidad and Tobago

Singapore Oil Company Spuds its First Onshore Well in T&T

5 May, Gulf Oil and Gas

Rex Spuds its First Onshore Exploratory Well in Trinidad

5 May, MBendi

Rex International Spuds its First Onshore Exploratory Well in Trinidad

5 May, 4-traders

Rex: Spuds its First Onshore Exploratory Well in Trinidad

5 May, Energy-Pedia

Trinidad: Rex International Spuds its First Onshore Exploratory well in Trinidad

5 May, Rigzone

Caribbean Rex Spuds Well at Cory Moruga Concessions in Trinidad and Tobago

5 May, Upstream Online

Singapore-listed Rex International has Spudded its First Onshore Well at the Cory Moruga Concession in Trinidad & Tobago

5 May, The Edge

Rex starts drilling first onshore well in Trinidad & Tobago

21 Apr, Rigzone

Rex International Holding Provides Updates on Upstream Portfolio

“Mans Lidgren, CEO of Rex International Holding, said, “Over the past eight months since our listing July 31, 2013, we have delivered on growing our portfolio of concessions, expanded our geographical footprint, added to our suite of technologies and made and oil discovery. With this update, we wish to give investors some guidance on the dynamics of our portfolio, our strategy to leverage on our proprietary technologies and to minimize capital outlay, so that investors can better understand the Company’s strategy for each underlying asset in the short term. In line with industry practice, we intend to focus on concessions in our portfolio where we have seen recent success and continue to see significant potential.””

17 Apr, ShareInvestor Express

Rex gives summary on its portfolio and update on its investment strategy and roadmap

14 Apr, Upstream Online

T&T plan set in stone

12 Apr, Lianhe Zaobao

Rex International’s jointly controlled entity to start onshore drilling plan

21 Mar, The Edge

Mapletree Industrial Trust, Rex, Ascott

6 Mar, Sea Discovery

First successful flow test from east of Oman in 30 years

17 Feb, Shares Investment

Stocks in Focus

10 Feb, The Edge Singapore

Rex International hits oil in Oman, banks on Rexonic’s technology

6 Feb, E&P

Masirah discovers oil in Oman

5 Feb, Rigzone

Masirah discovers oil at Block 50 offshore Oman

5 Feb, Muscat Daily

Masirah claims oil discovery in Block 50

5 Feb, Oman Bulletin

Masirah claims oil discovery in Block 50

5 Feb, Straits Times

Rex International shares shoot up on fresh Oman oil discovery

5 Feb, Business Times Singapore

Rex jumps on news of Oman hydrocarbon find

4 Feb, Marine Link

Oil discovered in second Oman exploration well

4 Feb, The Star Malaysia

Rex International confirms hydrocarbons found in Oman

4 Feb, Straits Times Online

Rex International outperforms nervous Singapore market

29 Jan, SGX Market Updates

Recent highlights of the Catalist Board

“There are nine stocks with market capitalisations above S$200 million, the largest of which are Rex International, Charisma Energy Services and Singhaiyi Group…Over 127 trading days last year, the stock (Rex) generated a trading turnover of S$1.11 billion, which implied an average daily turnover of S$8.8 million.”

22 Jan, Straits Times

Rex International joint venture awarded 5 new offshore licences in Norway

22 Jan, Business Times Singapore

Rex’s Norwegian unit secures 5 new licences

8 Jan, Straits Times

Company briefs – Rex International Holding

19 Dec, Straits Times

Company briefs: Rex International Holding

9 Dec, Lianhe Zaobao

Oil & Gas stocks turn in good performance this year

9 Dec, The Edge

Corporate: Undervalued IPOs with promising prospects, small caps draw interest, says Deloitte’s Kan

“Of the top five IPOs in Singapore in 2013, we noted that the companies with the most merger & acquisition (M&A) activities after listing fared the best,” Ernest Kan, chief of operations for clients & markets of Deloitte Singapore, tells The Edge Singapore. “It seems to us that investors also responded better to companies with clear prospects as well as those which were undervalued…Also on the top five list are…Rex International Holding…which has gone up…28%…since going public.”

7 Dec, Straits Times

US good news is ‘bad news’ for STI

5 Dec, The Edge

Rex International unit to acquire 20% stake in new licence in Norway

5 Dec, Straits Times

Company briefs – Rex International

2 Dec, The Edge

Brokers’ Digest: Rex International Holding

27 Nov, Business Times

Rex International gets 1.21m Fram shares worth US$7m

26 Nov, Business Times

Lime Petroleum begins drilling its first well in Oman

25 Nov, MarineLink.com

Rex International joint entity spuds first well in Oman

23 Nov, NextInsight

DBS Vickers highlights catalysts for stock price of Rex International

Maintain BUY for 85% upside potential. Our TP for Rex is adjusted down to S$1.15, as we factor in a bigger share base arising from the recent share placement, as well as consideration shares issued to fund the acquisition of the Rexonic stake and an additional stake in Rex Caribbean. However, we believe the story for Rex remains intact, as highlighted above, and the recent sell down thus presents a good buying opportunity. “

21 Nov, MarineLink.com

Lime Petroleum receives approval for acquisition

21 Nov, E&P Magazine

Lime Petroleum farms in to Barents Sea licenses

21 Nov, Business Times

Rex unit gets nod for Norway offshore deal

21 Nov, The Edge

Rex International’s subsidiary receives approval for acquisition of 10% in two licences in Norway

21 Nov, Straits Times

Oil and gas explorer Rex International Holding secures two licences in Norway

20 Nov, Business Times Sweden Special Report

Rex International Holding aims to ‘change the game’ in oil exploration

12 Nov, Business Times

Rex Int’l added to MSCI small-cap index

29 Oct, Lianhe Zaobao

Rex International and Swiss firm in joint venture for oil production technology

28 Oct, Channel NewsAsia

Rex International announces proposed placement of 70 million new shares

28 Oct, Straits Times Online

Rex International Holding to issue new shares

21 Oct, The Edge

Banking on exclusive exploration technology to help detect oil wells

“Rex International Holding has been one of the more successful IPOs in the past year and the stock looks like it could still go higher…Since its listing, Rex International has gone up by 45% to 82 cents on Oct 14, or 4.34 times its book value. The price had touched a peak of 93 cents on Sept 24. Sakar (DBS Vickers) has a “buy” call on the stock with a price target of $1.27, which implies about a 50% upside at its current price.”

30 Sep, The Edge Singapore

Brokers’ Digest – Rex Int’l Holdings (Sept 25: 91.5 cents)

“BUY (initiating coverage)…Based on an SOTP valuation using conservative chances of success, we arrive at a price target of $1.27 for RIH, which implies close to 50% upside at current levels. – DBS Vickers Securities (Sept 24)

24 Sep, Business Times

Brokers’ Take – Rex International Holding

19 Sep, RigZone

Rex’s unit to acquire stakes in 2 exploratory licences off Norway

19 Sep, Lianhe Zaobao

Rex International to acquire 10% stakes in 2 new oil exploration licences

19 Sep, Business Times

Rex to receive stakes in 2 more licences

18 Sep, The Edge Singapore

Rex International receives 10% stakes each in two new exploratory licences in Norway

18 Sep, Biz Daily

Rex International clinches stakes in 2 licences

18 Sep, BTinvest

Rex: To acquire stakes in 2 more licences in Norway

2 Sep, Business Times

A tale of IPOs in two cities

21 Aug, Lianhe Zaobao

Rex International and Pareto Staur Sign Agreement for Oil Exploration Licences in Trinidad & Tobago

21 Aug, SGX Market Updates

Recent turnover highlights of Minerals, Oil & Gas

“The liquidity of the MOG companies…Two of the most active MOG stocks in the quarter to-date including the Initial Public Offerings (IPOs) of Kris Energy and Rex International.”

19 Aug, Upstream Online

Aban Awarded Oman Gig

7 Aug, SGX Market Updates

18 IPOs in ‘13 average 18% gain from offer price’

1 Aug, Lianhe Zaobao

Rex International Closes 13% Higher than IPO Price on First Trading Fay

31 Jul, CNBC Asia, Squawk Box

Interview with Rex International CEO Mans Lidgren

29 Jul, Energy Asia

Singapore – Oil explorer Rex International Oil aim to raise more than S$85 million in Catalist listing

29 Jul, The Edge Singapore

Rex Banks on Satellite and Seismic Data Technology in Oil Exploration Business

23 Jul, Business Times

Rex Launches IPO; Hopes to Raise Up to $85.25m

23 Jul, Straits Times

Oil Firm Set for Catalist ‘Top 3’ Spot with IPO

23 Jul, Lianhe Zaobao

Oil Exploration Firm Rex seeks Listing in Singapore

23 Jul, Hydraulic Equipment

Rex Launches Singapore IPO to Raise $68M (SGD 85.25M)

23 Jul, Channel NewsAsia, Business Singapore

Interview with Rex International CEO Mans Lidgren

23 Jul, Bloomberg TV, On the Move

Interview with Rex International CEO Mans Lidgren

2 Jul, Business Times

Sweden’s Rex Int’l Seeks Catalist Listing