News

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14 December, Energy Keyfacts: Rex International increases interest in Lime Petroleum Norway

 

14 December, SGDealbook: Rex International takes 98% stake in LPN

 

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

"Man's Lidgren, CEO of Rex International , said "Initial due diligence analyses of the Beehive prospect in WA-488-P using Rex Virtual Drilling are encouraging and consistent with MEO's geological assessment. However, as the prospect is covered only by 2D seismic data, albeit of high quality, the partners agree that doing a 3D seismic survey will enable further de-risking of the prospect ahead of the drilling scheduled to take place at the earliest in late 2016.""

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

 

24 February, Rigzone: RIH Raises Indirect Stake in Cory Moruga Block in Trinidad & Tobago

"Mans Lidgren, CEO of Rex International Holding, said, "Analyzes using our proprietary Rex Virtual Drilling (RVD) technology on seismic data covering the Cory Moruga Block have been positive and we are optimistic about several prospects in the asset. Onshore production levels are typically lower than offshore wells, but drilling of onshore wells costs substantially less than that of offshore wells. At current oil prices, there is potentially still a good margin for produced oil in Trinidad. The Cory Moruga Block is located close to existing prolific fields and with an increased interest in the block, our Trinidadian subsidiary can also book more revenue when a previously locked-in discovery well is put on production."… Kistrofer Skantze, chief operating officer of Rex International Holding said, "These two transactions enable us with greater operational control to further focus on assets that can leverage on our RVD technology in the short term. With our recent achievement of having two successful wells out of three wells drilled in the South Erin Block, we are excited about the potential of the Cory Moruga Block."

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

“”We are pleased with our strike rate of 67% in the South Erin Block, achieved with the assistance of Rex Virtual Drilling,” Kristofer Skantze, Chief Operating Office of Rex International Holding. The information that we have gathered from the wells will be used to further deepen our understanding of the sand trends in the Cruse and Lower Forest reservoirs within the concession. We are able to get drilling costing down to below USD 1.0m per well, which was about 40% below budgeted costing, as a result of our cost management measures and taking advantage of the lower cost of oil drilling services over the past months, arising from the global fall in oil price.”… “Rex Virtual Drilling (RVD) has been incorporated together with conventional geological and geophysical studies in our work process to identify the locations of wells to drill.” said Mans Lidgren, Chief Executive Officer of Rex International Holding. “The drilling campaign in Trinidad holds important lessons for the refinement of RVD, especially for enhancing the technology’s use on onshore seismic data. The Rex Technology Management team will continue to work closely with the geological team to further improve the de-risking of the asset.””

21 January, Rigzone: Caribbean Rex finds commercial oil in Trinidad & Tobago’s South Erin Block

Kristofer Skantze, Chief Operating Officer of Rex International Holding said, “We are pleased with the strike rate of 67% in the South Erin Block, achieved with the assistance of Rex Virtual Drilling. The information that we have gathered from the wells will be used to further deepen our understanding of the sand trends in the Cruse and lower forest reservoirs within the concession. We were able to get drilling costing down to below $1 million per well, which was about 40% below budgeted costing, as a result of our cost management measures and taking advantage of the lower cost of oil drilling services over the past months, arising from the global fall in oil price.””

“Man’s Lidgren, CEO of Rex International Holding, said, “Rex Virtual Drilling (RVD) has been incorporated together with conventional geological and geophysical studies in our work process to identify the locations of wells to drill. The drilling campaign in Trinidad holds important lessons for the refinement of RVD, especially for enhancing the technology’s use on onshore seismic data. The Rex Technology Management team will continue to work closely with the geological team to further improve the de-risking of the asset.””

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