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23 September, NextInsight - REX INT'L: Turning Around; Targeting First Oil Production

“Excerpts from UOB Kay Hian report: In 2H19, Rex is looking to turnaround into profitability in 2020 when two of its oil wells come on stream. Its Oman oil well is to start production in 2H19 with 5,000 bpd. The Rolvness oilfield is slated to start in 2020, with 7,000 bpd and this is set to increase to 14,000 bpd by end-20. Rex could generate S$32.7m net profit in 2020 if the oilfields deliver as planned. In addition, Rex has cash totalling S$56.9m as of 1H18 and it could receive S$34.5m from the Oman government in 2019 if they exercise their option for a 25% stake, based on a historical cost pool of S$138.0m.”

19 September, NextInsight: REX INT'L: How much might its Norwegian oil assets fetch?

“Rex International Holding announced successful developments in Norway on 27 Aug 2018, following which it received unsolicited, non-binding indications of interest in the portfolio of licences held by Lime Petroleum AS, a 90 per cent subsidiary of Rex. So the big question is how much might Lime Petroleum be worth? Lime Petroleum holds a 30% stake in Rolvsnes discovery in Norway and a 20% stake in the adjacent Goddo prospect. Estimated net combined resource to Lime: >40 mmboe, based on a conservative assumption of net 20% to Lime. Illustrative example: Net 40 million barrels of oil in Rolvsnes and Goddo combined would have a value to Lime after discovery of US$ 80 million assuming current oil-in-the-ground valuation of US$ 2 /bbl. Assuming a higher oil-in-the-ground valuation of US$ 5 /bbl, the value to Lime would be US$200 million. In per share terms, US$80 million translates into about 8.4 SGD cents while US$200 million is 21 SGD cents. These figures are large relative to Rex's stock price, currently at around 11.4 SGD cents.”

29 August, Next Insight: REX INTERNATIONAL: Closer to generating recurring revenue

“Rex International has announced that the drilling and production testing of well 16/1-28S on the Rolvsnes oil discovery in PL338C, in which Rex’s 90 per cent subsidiary Lime Petroleum AS holds a 30 per cent interest, has been completed successfully. The operator, Lundin Norway AS, has drilled a 2.5km horizontal section in the reservoir. The drilling results show good reservoir productivity and connection to a significant oil volume, with production rate of up to 7,000 barrels of oil per day (bopd), confirming sustainable commercial oil flow. The next step towards commercialisation is to tie the well to the adjacent producing Edvard Grieg platform which is also operated by Lundin.”

7 May, Next Insight: REX INT'L: Substantial upside potential for share price, says management

"Not that many companies of our size are pre-qualified in Norway and I think is right to say that our technology played a very important part in us getting that pre-qualification," said Mr Dan Broström, executive chairman of REX.

As CEO Mans Lidgren recounted: "We have used our technology-led, de-risked exploration approach to build a cluster of investments in the Rolvsnes area in the North Sea. They are close to existing pipeline infrastructure, so that upon more discoveries, commercialisation can be fast-tracked."

7 April, Oman Observer: Oil to flow from Oman’s east coast in 2019

"Singapore-based Rex International Holding Limited, the majority shareholder in Masirah Oil Limited, which owns and operates Block 50 off the Sultanate’s eastern seaboard, says it sees the potential to commence production from a key offshore discovery next year.

"The evaluation of the development programme for the GA South-1 discovery in Oman is ongoing and will continue until the first half of 2018. Should the evaluation be positive, the Group will aim to start production from GA South-1 in 2019,” said Rex International in its newly published 2017 Annual Report."

19 January, Offshore Magazine: Lime sees tieback potential in latest offshore Norway license

"Måns Lidgren, CEO of Rex International Holding, said: “PL818B, like the Rolvsnes discovery, is located near to Johan Sverdrup, one of the five largest oil fields on the Norwegian continental shelf, and adjacent to the producing Edvard Grieg and Ivar Aasen fields. "We are very pleased that LPA now holds stakes in a cluster of investments in this oil-prolific area that already has pipeline infrastructure in place, allowing a fasttrack path to potential commercialization and return on investment when we make more oil discoveries.""