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.