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8 December, Business Times – Rex International aiming for higher revenue in 2018


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.””

12 October, Investor-One: Proprietary technology a key differentiator for Rex

“Rex International Holding is an oil exploration and production company that owns a set of proprietary exploration technologies developed by the company’s Swedish founders. These technologies include the liquid hydrocarbon indicator Rex Virtual Drilling (RVD) technology, which can pinpoint the location of oil reservoirs in the sub-surface using algorithms to analyse seismic data. According to Rex, the oil discovery success rate is significantly higher compared to the global average of 10-15 per cent when using RVD. It also provides highly accurate dry well predictions. The technology does not require new methods of data collection or costly technical equipment.”

10 May, Offshore Magazine: Lime assessing Grieg, Ivar Aasen area prospects in the North Sea

“Måns Lidgren, CEO of Rex International Holding, pointed out that the discovery is close to Johan Sverdrup and the producing Edvard Grieg and Ivar Aasen fields. “We have used our Rex Virtual Drilling technology to select and build a cluster of investments in this oil-prolific area,” he said. Lime Norway also has a 20% stake in license PL815, where the undrilled Goddo prospect is thought to be a geological continuation of the EGS discovery, and 30% of PL818 comprising the Orkja prospect, which is within easy tieback range of the Ivar Aasen facilities. “Our aim is to prove up these adjacent fields in the mid- to long-term to grow our pool of resources, on top of achieving production in EGS in the short term,” Lidgren said.

“Risk and commercialization are the two key factors guiding smart exploration in the region,” Lidgren said. “Exploration and drilling remain hugely expensive and time-consuming, so any technology that can de-risk these activities – especially in a low oil-price environment – is incredibly valuable.””

20 April, Upstream – Rex tool takes exploration out of stone age

“Lime Petroleum is pursuing “smart exploration” by applying its so-called virtual drilling technology to prospects in the prolific Utsira High play and other areas off Norway, while also targeting test production in 2019 from the existing Rolvsnes find. The ambitious explorer has identified two fresh prospects, Goddo and Orkja, as potential drilling candidates that could be tied back to nearby existing infrastructure in the event of a discovery. Lime, a majority-owned subsidiary of Singapore-based Rex International Holding, has used its Rex Virtual Drilling (RVD) software tool to screen the pair as a means of de-risking prospects and fine-tuning its exploration portfolio prior to making costly drilling commitments.”

17 April, OE Digital: Rex eyes 2019 Rolvsnes test production

“Test production from the Rolvsnes or Edvard Grieg South (EGS) discovery offshore Norway is expected to start in 2019, according to Rex International Holding, which holds a 30% stake in the license through subsidiary Lime Petroleum. Rex says development feasibility studies are being carried out on the Lundin operated discovery, which was made in December 2015, in license PL338C. According to Rex, a recent Gaffney, Cline & Associates report put gross contingent, unrisked (3C) resources in the PL338C license at up to 77.9 MMbbl and up to 78.7 Bcf of natural gas (3C).”

17 April, The Edge Markets: Rex International Holding has mapped out areas under its North Sea licences in Norway for development using its virtual drilling technology

“Måns Lidgren, CEO of Rex, said, “We have used our Rex Virtual Drilling technology to select and build a cluster of investments in the oil prolific EGS area that already has pipeline infrastructure in place, allowing a fast-track path to potential commercialisation and return on investment (ROI) when we make more oil discoveries.”

17 April, Business Times: Rex unit to test production from North Sea oil well in 2019

“Rex said that the EGS discovery well was the first time that the group's Rex Virtual Drilling (RVD) technology was applied to an unconventional weathered and fractured basement reservoir. RVD has also been proven to be highly accurate in predicting dry wells. Over the past two years, Lime Norway has declined participation in more than 15 licences in Norway after RVD analyses. All the wells that were subsequently drilled in these licences came up dry, saving the group millions of dollars in futile capital expenditure."

1 March, Business Times – Rex International narrows Q4 loss by 36% to US$10.3m

“Catalist-listed Rex International Holding on Monday posted a net loss of US$10.3 million for its fourth quarter, 36 per cent lower than the net loss in Q4 FY15, on impairments made. For the three months ended Dec 31, 2016, revenue came in at US$104,000, 89 per cent lower than a year ago, mainly due to a significant portion of technical services in Q4 FY16 being rendered to the company's two subsidiaries, Lime Petroleum Norway AS (LPN) and Masirah Oil Ltd (MOL), which hold discovery assets in Norway and Oman.”

19 January, The Edge – Rex Chairman buys more shares

“The vote of confidence, Dan Brostrom, executive chairman of oil exploration company Rex International Holding, added a total of 1.5 million shares to his Shareholding in the company on Jan 6 and 9. Rex uses proprietary technology to pinpoint the location of hydrocarbons in exploratory oil wells so that the exploration risk of its portfolio of assets can be substantially lowered. “

9 January, Trade Arabia: Masirah Oil gets new funding from Rex Oman

“Rex Oman, a unit of Singapore-based Rex International Holdings, has injected $8 million into Masirah Oil Limited (MOL), the operator and 100 per cent owner of Block 50 offshore Oman’s east coast. The funding follows a subscription of new shares of Masirah Oil (MOL), said an Oman Daily Observer report. “The capital injection was necessary to allow (Masirah Oil Limited) to pursue its drilling activities and continue its operations in Oman, as well as for general working capital requirements; and was fully satisfied in cash by Rex Oman,” said Rex International Holdings in a statement. "Masirah Oil has high potential for growth, as the discovery made in the concession in early 2014 was the first offshore discovery east of Oman, after 30 years of exploration activity in the area,” it added.”

4 January, Business Times: Company briefs: Rex International Holding

“Rex Oman, an indirect wholly owned unit of Rex International Holding, has subscribed to 20,000 new shares of Masirah Oil for US$400 (S$580) a share. The total amount of US$8 million was a capital injection necessary for Masirah Oil to pursue its dr4illing activities, continue operations in Oman and for its general working capital, it said. Rex Oman now holds 85.15 per cent of shares in Masirah Oil.”