19 Dec Straits Times: Company briefs: Rex International Holding
"Rex International Holding, a Catalist-listed oil and gas explorer, announced yesterday that a subsidiary will acquire the remaining 25 per cent stake in Jasmin Oil and Gas. It has signed a share sale agreement with Jasmin, which holds 100 per cent of the South Erin Block licence in Trinidad & Tobago. Once the transaction is completed – expected within the next 90 days – the Rex unit, Caribbean Rex, will have a 100 per cent stake in Jasmin, which also means a 100 per cent working interest in the South Erin block.”
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
“The local bourse ended a bearish trading week on thin volumes with another day of losses as nerves over a scaling back of US stimulus persisted. The benchmark Straits Times Index lost 10.21 points or 0.3 per cent to 3,114.17. The key index has lost 62.18 points over this challenging week for the market…Rex International Holding rose 1 cent or 1.7 per cent to 61.5 cents. The offshore oil and gas firm said a jointly owned unit has agreed to acquire a 20 per cent stake in a new licence in Norway.”
5 Dec The Edge: Rex International unit to acquire 20% stake in new licence in Norway
“Dan Brostrom, Executive Chairman of Rex International Holding, said, “PL509 has been reviewed using Rex Virtual Drilling and we are very excited about the prospects there. The licence holders will make a decision whether to drill an exploration well in the licence by mid-2014. We anticipate that Lime will be able to grow its portfolio up to 15 licences in 2014, through farm-ins and when the annual Awards in Predefined Areas (APA) in mature parts of the NCS are announced by the Norwegian Ministry of Petroleum and Energy, expectedly in late January 2014.””
5 Dec Straits Times: Company briefs – Rex International
“A jointly controlled unit of Rex International Holding has agreed to acquire a 20 per cent stake in a new licence in Norway. Lime Petroleum Norway, which is 65 per cent indirectly owned by Rex, signed the agreement with North Energy ASA…The licence contains oil prospects in areas totalling some 977 sq km, in the North Sea. Lime has secured enough financing for its activates until 2015…”
2 Dec The Edge: Brokers’ Digest
“Rex International Holding (Nov 27: 66 cents)…MAINTAIN BUY…Our price target for Rex is…$1.15… – DBS Vickers Securities (Nov 22)”
27 Nov Business Times: Rex International gets 1.21m Fram shares worth US$7m
“Rex International has received 1.21 million shares in Fram Exploration ASA at US$5.80 apiece…Valued at US$7 million, the shares represent 4.79 per cent of the enlarged share capital of Fram. The transaction, completed on Nov 20, was in exchange for Rex’s wholly owned subsidiary Rex US’s 20 per cent direct interest in Fram’s Colorado and North Dakota concession, and a cash payment of US$4.51 million. Rex now holds 27.86 per cent of the issued share capital of Fram, and no longer has any direct interest in the US concessions…Rex said the restructuring will allow it to realise operational efficiencies and cost savings.”
26 Nov Business Times: Lime Petroleum begins drilling its first well in Oman
“Catalist board-listed oil exploration and production company Rex International Holding Ltd said that a jointly controlled entity, Lime Petroleum plc, through its subsidiary has begun drilling its first well in Oman. Through Masirah Oil Ltd, Lime Petroleum has begun work on the well about 1,000-metre deep and located in the northern area of the Block 50 Oman concession. Rex holds a 65 per cent stake in Lime, which through Masirah has a 64 per cent participating interest in the concession. Petroci Holding, Ivory Coast’s national oil company, has the remaining 36 per cent participating interest.”
26 Nov NextInsight: REX: Kick-starts unprecedented drilling campaign with Oman well spud
"Executive Chairman Dan Brostrom: “After our IPO, many investors approached us to buy more shares in Rex International. As the IPO share allotment had not been fully taken up, we decided on a placement at 75.5 cents, 51% higher than our 50-cent IPO price. With the additional monies, we can participate in opportunities that arose after the IPO…”
“"We intend to have 5 to 7 offshore drilling campaigns next year," said Mr Brostrom. This could mean a phenomenal FY2015 performance for Rex International when oilwell sale proceeds roll in. This rate of drilling campaigns is unprecedented among its E&P peers, and is possible only with Rex International’s unique business model.”
“”Four months after listing, we have already grown our portfolio to 15 concessions, beating our target. We have spudded Oman according to schedule. With the added proceeds from our recent placement, we are well capitalised for our expansion plans and for our upcoming drilling campaigns,” added Mr Brostrom.”
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
“Lime is firming up the work programme for the concessions in Norway with Edison International Norway Branch and Lundin Norway AS, the respective operators of PL707 and PL708. The Edison group was founded in 1884 and is Europe’s oldest energy company while the Lundin group has more than 30 years’ experience in oil exploration and production.”
21 Nov The Edge: Rex International’s subsidiary receives approval for acquisition of 10% in two licences in Norway
“Both licences have undergone screening and analysis of seismic data using Rex Virtual Drilling. Analysis done with Rex Virtual Drilling indicates the presence of hydrocarbons in these concessions.”
21 Nov Straits Times: Oil and gas explorer Rex International Holding secures two licences in Norway
"Catalist-listed Rex International Holding has gotten the green light from the Norwegian Ministry of Petroleum and Energy to buy a 10 per cent stake in two offshore licences. The oil and gas explorer…will buy the stakes from North Energy ASA through its indirectly owned unit Lime Petroleum Norway AS. Lime Petroleum’s 10 per cent interest in both licenses will be effective from next Friday, Nov 29. The acquisition of the two stakes is a result of the cooperation agreement between Lime Petroleum and North Energy…”
20 Nov Business Times Sweden Special Report: Rex International Holding aims to ‘change the game’ in oil exploration
“Mr Brostrom explained that the Lidgren family has come up with a unique technology that will greatly improve the success rates in the oil exploration industry…This invention significantly increases the probability of oil discovery to more than 50 per cent, improved from the current estimated worldwide industry average of between 10-15 per cent; shortening the exploration process and lowering costs for the oil industry…”Innovation has always been part of the Swedish way of thinking,” Mr Brostrom concluded. “It’s very fulfilling to see that Rex’s innovation has changed the game.””
16 Nov NextInsight: Rex: Recurring income from JV in oil production service
“"There is technical synergy as both joint venture partners deal with green technology: Acoustics instead of chemicals, unlike conventional service providers. We can also cross-sell to each other’s customers,” said Mr Skantze.”
12 Nov Business Times: Rex Int’l added to MSCI small-cap index
"Catalist-listed Rex International has been selected for inclusion in the MSCI Singapore Small-Cap Index. It will join this index after the market close on Nov 26. The group said yesterday that it is among 13 companies to be added to the index."
29 Oct Lianhe Zaobao: Rex International and Swiss firm in joint venture for oil production technology
29 Oct Business Times: Rex Int’l forms JV for oil production technology
"Calling the technology “a good extension to its core competence in oil exploration”, Rex’s CEO Mans Lidgren said: “Operating in the oil production phase, Rexonic will contribute a complementary, recurring revenue stream to Rex International Holding’s main activities in oil exploration”….”We are rapidly growing our portfolio of concessions and the proceeds from our IPO (initial public offering) in July 2013 will be account for with our committed drilling programme in the Middle East, Trinidad and Norway and interests in new concessions that we have since acquired,” said Mr Lidgren."
28 Oct Channel NewsAsia: Rex International announces proposed placement of 70 million new shares
"Catalist-listed Rex International Holding has proposed to place up to 70 million new shares at S$0.755 per share…The company plans to use the net proceeds to finance exploration and drilling activities in new opportunities in the Asia-Pacific, the Middle East, Norway and Western Europe. The money raised will also go towards funding a joint venture company that it has set up with Swiss firm Ogsonic AG. Rexonic, the new joint venture company, will be 66.7 per cent owned by Rex International Holding. Ogsonic will take a 33.3 per cent stake."
28 Oct Straits Times Online: Rex International Holding to issue new shares
"Rexonic “will own the world’s first environmentally-friendly, high-power ultrasound technology for commercial oil well stimulation that has shown to increase oil production by 30 to 380 per cent both onshore and offshore”, Rex said."
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."
11 Oct Business Times: Oil & Gas firms prefer S’pore to HK for listing
"He (Mr Alastair MacAulay of Clifford Chance) was commenting on SGX’s move to attract more oil and gas listings to the local bourse, which currently counts seven such stocks including the recent IPO by Sweden’s Rex International."
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
"Mans Lidgren added, "North Energy had recently shared in their second quarter results presentation, that they had analysed 59 prospects using Rex Virtual Drilling over the past two years. Out of the 41 wells which had been drilled since, 35 predictions by Rex Virtual Drilling were spot on. This 85 per cent success rate (96 per cent success in predicting dry wells in 24 out of 25 drillings and 69 per cent success in predicting presence of commercial oil in 11 out of 16 drillings) is strong validation of our technology’s effectiveness.""
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
"At listing, we had shared our intention to grow our portfolio from 10 licences to 20 within the next 12 months. Over the last two months since our listing, we have grown our initial portfolio from 10 to 13, including the investment of a 51.99 per cent stake in a company that will hold three licences in Trinidad & Tobago, and now to 15."
18 Sep The Edge Singapore: Rex International receives 10% stakes each in two new exploratory licences in Norway
"Mans Lidgren, CEO of Rex, said, "North Energy received the second largest award of licences in this licensing round in Norway, and we are privileged to be able to tap on our strong working relationship with them to participate in two of the most exciting and valuable licences in the area."
18 Sep Biz Daily Rex: International clinches stakes in 2 licences
"Rex International Holding Limited Wednesday announced that indirectly owned subsidiary Lime Petroleum Norway will receive 10 per cent stakes in two exploratory licences in Norway from North Energy ASA…No consideration is needed to be paid for the transfer of the 10 per cent stakes, which is pending regulatory approval."
18 Sep BTinvest: Rex: To acquire stakes in 2 more licences in Norway
2 Sep SGX Market Updates: Mineral, Oil & Gas companies averaged 6% gain in August
"Rex International was the third best performing MOG stock in August with a 31.9% gain. Rex International Holding is the most recent addition to the MOG group…"
2 Sep Business Times: A tale of IPOs in two cities
"Out of the nine new Catalist listings this year, six are trading at a premium to their offer price…Oil-and-gas explorer Rex International and fastener supplier PS Group Holdings are both up about 50 per cent from their IPO prices."
1 Sep Next Insight: Rex International – Game changer for Oil & Gas exploration
"Currently, it has a portfolio of 13 licences, up from 10 at the time of its IPO."
21 Aug Lianhe Zaobao: Rex International and Pareto Staur Sign Agreement for Oil Exploration Licences in Trinidad & Tobago
"Rex International has today signed a term-sheet with Norwegian private equity investor Pareto Staur SPV1 AS, providing the Company with access to three new onshore E&P opportunities in the island nation of Trinidad and Tobago in the Caribbean. Rex International Holding will invest USD 9 million for a 51.99 per cent stake in Rex Caribbean Oil Company Ltd while Pareto Staur will invest USD 6.5 million for a 34.76 per cent stake."
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
"Jointly-owned explorer Lime Petroleum has awarded India’s Aban Offshore a contract related to its drilling programme on the Block 50 concession in Oman. Lime will charter the jack-up drilling rig Aban VII for a minimum of 50 days to drill at least two exploration wells on the concession…Lime is a jointly-owned company between Rex International, Hibiscus Petroleum and Schroders."
7 Aug SGX Market Updates: 18 IPOs in ‘13 average 18% gain from offer price’
"SGX has had 18 Initial Public Offerings (IPOs) thus far in 2013, comprising five listed trusts and four companies on Mainboard, and nine companies on Catalist…The nine Mainboard IPOs averaged a 6% price gain while the nine Catalist listings averaged a 29% gain…Public subscription rates for the two most recent IPOs were as high as 639x for MoneyMax and 153x for Rex International."
1 Aug Lianhe Zaobao: Rex International Closes 13% Higher than IPO Price on First Trading Fay
"The stock started trading at 50.5 cents and rose up to 60.5 cents at one stage, 21 per cent higher than the IPO price of 50.0 cents. The share trading volume for the day was 165.70 million."
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
"Rex said it has lined up an "active drilling and portfolio growth" programme in the US, Middle East and Norway over the next 24 months while screening for opportunities in Southeast Asia, Australia and New Zealand."
29 Jul The Edge Singapore: Rex Banks on Satellite and Seismic Data Technology in Oil Exploration Business
"Rex’s origins go back to the 1980s when Karl and Hans Lidgren pioneered the use of satellite technology for oil exploration activities. The technologies they developed led to the discovery of oil fields in the Haltenbanken area in Norway and the Bukha field in Oman. Haltenbanken is now one of the major oil producing areas in Norway."
23 Jul Business Times: Rex Launches IPO; Hopes to Raise Up to $85.25m
"Including over-allotment, the Swedish oil & gas group, which boasts of innovative exploration technology, expects to place out 168 million shares and raise up to $82.25 million…the IPO of 142.5 million shares comprises 2.5 million public shares and 140 million placement shares, subject to an over-allotment option of 28 million shares. The placement shares "have been fully taken up"…"
23 Jul Straits Times: Oil Firm Set for Catalist ‘Top 3’ Spot with IPO
"With a market value of $488.3 million upon listing, Rex is set to be among the three most valuable Catalist-listed companies."
23 Jul Lianhe Zaobao: Oil Exploration Firm Rex seeks Listing in Singapore
"Rex International will offer 142.5 million shares, at S$0.50 a piece."
23 Jul Hydraulic Equipment: Rex Launches Singapore IPO to Raise $68M (SGD 85.25M)
"We have received strong institutional support for Rex International Holding," Mark Liew, managing director, Corporate Finance of PrimePartners Corporate Finance Pte. Ltd., which is the manager, sponsor, and co-placement agent of the IPO said…"
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
"Its chief executive Mans Lidgren told BT: "Singapore is the regional oil hub. We think it’s a dynamic place, and with just a few listed E&P players here currently, we’d rather stand out as one of the few – especially with our proprietary technology.""