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2015

14 December Business Times: Rex raises stake in Norwegian unit to 98.8%

"Rex said the restructuring gave the company an even larger stake in Lime Petroleum's Norwegian assets. Lime Petroleum has interest in 19 licences in the Norwegian Continental shelf and has plans to drill at least three more wells in 2015 and 2016."

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

 

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

 

14 December The Edge Markets: Rex’s stake in Lime Petroleum Norway rises to 98.8%

 

24 November Business Times: Rex in deal to merge assets in Trinidad

""Upon completion of the merger and the transfer of about 1.7 per cent shareholding interest in Caribbean Rex Limited to GELCO (under a separate incentive agreement between Caribbean Rex Limited and GELCO), Steeldrum's shareholders will be WIEH holding 60.14 per cent, RCH holding 36.86 per cent and GELCO holding 3 per cent," said Rex… Rex said that the merger is not expected to have any material financial impact on the group's earnings per share or net tangible assets per share for the financial year ending Dec 31, 2015. It told BT that the merger will allow the group to continue to meet its obligations in Trinidad & Tobago and to tap opportunities that may arise in the Caribbean country under the current oil price climate. "The merger is also in line with our strategy to focus on our key assets in Oman and Norway," Rex said."

23 November The Edge: Rex International subsidiary in Trinidad asset merger

 

9 October Rigzone: Rex Appoints Former Schlumberger Executive Svein Kjellsvik as COO

""We welcome Svein on board the Rex management team. He is the best candidate for the role, given his involvement in the Group's genesis and his deep knowledge and long experience in the geology and geophysical (G&G) aspects of oil exploration, an area where we have identified that we need to be more self-reliant," Dan Broström, executive director of RIH said in the press release."... "Despite the challenging macro-economic conditions, we remain confident about Rex Virtual Drilling technology and the potential in our assets. Together with Svein, the Rex management team is pressing on to reduce the risks of our exploration prospects with the aim to better our results in future drilling programs," Måns Lidgren, RIH'S CEO commented."

9 September NextInsight: Rex – US$96m liquid assets but market cap only US$109m

 

20 August Business Times: Rex JV to buy 30% of North Sea licence

""The licence contains a number of interesting exploration targets that are being evaluated leading to the drill-or-drop milestone in the first quarter of 2016," Rex said "Assuming a positive conclusion, drilling could take place late 2016.""

20 August Business Times: Rex to preserve cash, focus on Oman and Norway assets amid oil price downturn

"Mr Lidgren said: "Even though our oil production operations are very small, Rex's share price has been impacted by the volatility of oil prices, the potential supply of Iranian crude to the market, the Greek debt crisis, the meltdown of the China stock market and most recently, the effects of China's devaluation of the yuan on Asian bourses. At today's market value of the company at about US$109 million and us US$96 million in liquid assets comprising cash and cash equivalents and quoted investments, the remaining group's assets are only valued by the market at US$13 million. There are of course several risks involved in oil exploration but based on an asset potential alone, we believe that we have been undervalued by the market. In order to adapt to the downturn in oil prices, the volatile market outlook and smaller market capitalisation, Rex has done an in-depth cost review of its contracts with external service providers and suppliers, as well as internal operating costs to reduce costs, the effects of which would likely be seen form 2016.""

20 August 2015 Rigzone: Rex International Holding cuts Capex, Focuses on Oman and Norway Assets

 

1 July Business Times: Rex International unit terminates existing lease for two rigs for Loyz Energy

"In the statement, Rex International Holding CEO Mans Lidgren said that the company was pleased to note that FRAM had managed to resolve its short-term financial issues with Loyz Energy through this deal. "With the cash consideration, FRAM will be in a better position to fulfil its ongoing obligations." Mr Lidgen also noted that FRAM has requested to use Rex's liquid hydrocarbon indicator Rex Virtual Drilling to analyse new seismic data that it will be acquiring for its assets in North Dakota and Colorado to further de-risk the projects.""

22 May Business Times: Rex acquires interest in offshore licence

"Said Rex CEO Mans Lidgren in a statement: "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. The Beehive prospect fits the review criteria of our in-house giant oilfields taskforce. We see this farm-in as a good opportunity to build up a pipeline of future projects.""

21 May Asian Oil & Gas: MEO, Rex Beehive partnership

 

21 May Straits Times: Rex International unit to acquire 30% stake in Australian firm

"Chief Executive Mans Lidgren said in a statement: "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. The Beehive prospect fits the review criteria of our in-house giant oilfields taskforce. We see this farm-in as a good opportunity to build up a pipeline of future projects.""

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

"Mans Lidgren, CEO of Singapore-listed oil exploration and production company Rex International, told BT that he expects his firm to continue to be on the lookout for new assets by way of farm-ins, tenders and M&A activities, but will be "very selective when acquiring stakes in assets". He said that Rex's investment criteria would include, among other things, the proximity of the asset to existing infrastructure which will lower operational costs, the financial strength of the participating partners in the assets to ensure that there will be no delays to planned drilling schedules, as well as the economics of the asset should there be an oil discovery."

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

"The weakness in oil prices has affected operating costs for oil exploratory firm Rex International Holding - but in "in a positive way", said chief operating officer Kristofer Skantze. "The industry is at a standstill, but for us, it's an upside because we can take the opportunity to carry out more exploration activities at much lower rates." Mr Hans Lidgren, one of the group's founders, said with such low costs, the firm will be able to "do twice as much" as it was able to do previously. This is a window opportunity. We can build up discoveries (of oil basins), so that when the oil prices go back up, we have something to bargain with, have something to sell out." Dr Rabi Bastia, geological adviser to Rex International, pointed out that already, all the "easy" places to obtain oil have been drilled and that we have to move towards newer places in more challenging geography." Dr Bastia also noted that the firm's latest drilling technology, which uses and analyses seismic data to locate liquid hydrocarbons or oil in the ground, will enable the firm to "target deeper oil reservoirs below whatever we've already found, that could also be much bigger."

24 March Business Times: Rex's joint entity raises financing facility; Loyz in S$14m placement

"Mans Lidgren, chief executive office of Rex International, said: “Leveraging on the attractive Norwegian fiscal policy for exploration drilling and with the increased financing facility, funding for our planned offshore exploration drilling programme in Norway for the year is in place"

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."

24 February Business Times: Rex increases stake in Trinidad & Tobago asset

"When production resumes, Rex's subsidiary in Trinidad and Tobago can book more revenue with the increased stake, said Rex's CEO Mans Lidgren, explaining that the block is located close to existing prolific fields. "Analyses 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 drlling of onshore wells costs substantially less than that ofosshore wells. At current oil prices, there is potentially still a good margin for produced oil in Trinidad."

24 February DealStreet Asia: Rex acquires 30% in Norway oil well, increases stake in Cory Moruga

"The consideration was funded using proceeds from the share placement which was completed on Sept 17, 2014 and allocated for existing and potential business opportunities," Rex International said in a filing with the stock exchange on Monday… Kristofer 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 opf three wells drilled in the South Erin Block, we are excited about the potential of the Cory Moruga Block."

19 February DC Solids Control: 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 our strike rate of 67 per cent (two out of three wells drilled) 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 are able to get drilling costing down to below $1 million per well, which was about 40 percent 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 prices." Mans Lidgren, CEO of Rex International Holding, said, "Rex Virtual Drilling (RVD) has been incorporated together with the 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."

18 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 strike 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 Business Times: Rex International to record ‘significantly bigger’ loss for 2014 from impairment

21 January Upstream: Rex cheers T&T double find

“”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,” Rex Chief Operating Officer Kristofer Skantze said.” .. “We were able to get drilling costing down to below US$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 prices.””