Our milestones to date
- Group: Rex starts trading on the Mainboard of the SGX-ST on 8 March.
- Oman: A summary qualified person’s report (QPR) for the Yumna Field in Block 50 Oman is issued. As of 31 December 2021, the Yumna Field has produced 5.772 MMstb.
- Group: Rex adopts dividend policy.
- Oman: The previous floating storage tanker is replaced by a new floating storage tanker, allowing for the new tanker to be in the field for several years with the need for dry-docking.
- Norway: Lime Petroleum AS (“LPA”) acquires 40% interests in PL820S/SB in North Sea with two discoveries.
- Group: Rex appoints three new directors as part of its Board renewal process.
- Norway: LPA’s US$96.7m senior secured bond is fully subscribed.
- Norway: LPA farms down 10 per cent interests in two North Sea licences.
- Malaysia: Rex Group engages exclusive mandated arranger of financing for Malaysia assets.
- Norway: LPA acquires 10 per cent of producing Yme Field in Norway.
- Norway: Lime Petroleum AS (“LPA”) is awarded participating interests in four new offshore licences, including one with a discovery for development, in the 2020 Awards in Predefined Areas (APA) round in Norway.
- Oman: Yumna 2 in the Yumna Field, Oman, starts production.
- Oman: Yumna 3 in the Yumna Field, Oman, starts production.
- Oman: A summary qualified person’s report (QPR) for the Yumna Field in Block 50 Oman is issued. The Yumna Field has produced 2.12 MMstb up to 31 December 2020.
- Oman: Upgrade to the Yumna Field process facilities is completed.
- Norway: Drill-or-drop deadlines for PL818/B Orkja and PL838B Shaw extended to February 2022 and March 2022 respectively.
- Oman: Drilling of three exploration prospects near the Yumna Field is completed.
- Norway: LPA swaps 20% interests in PL263D/E/F Sierra for 13.3% in PL433 Tyrving, a discovery asset.
- Norway: A summary qualified person’s report (QPR) is issued, placing gross 2C Contingent Resources (Development Unclarified) in PL1125 Falk discovery, in which LPA holds 50%, at 28.63 MMboe. Contingent resources estimated by various qualified persons in three discovery assets and attributed to LPA total 27.74 MMboe.
- Norway: LPA acquires 33.8434% interest in the producing Brage Field.
- Norway: LPA raises a 2.5-year senior secured bond of NOK500 million (approximately US$60 million).
- Group: Rex’s wholly owned subsidiary invests up to US$4 million into commercial drone company Xer Technologies Pte. Ltd.
- Norway: LPA acquires 20% interests in PL867/B.
- Malaysia: Rex is awarded operatorship and 95% interests in the Rhu-Ara and the Diwangsa Clusters.
- Norway: LPA participates in the exploration drilling of the Fat Canyon prospect in PL937/B.
- Norway: LPA participates in first phase of a larger project which aims to secure a storage site in the Norwegian Continental Shelf where CO2 can be injected and safely stored permanently.
- Group: Rex’s indirect wholly owned subsidiary enters into an agreement for a 19.9% interest in a joint venture company to be incorporated to own marine assets.
- Group: Rex’s indirect wholly owned subsidiary acquires preference shares from 10 parties in Masirah Oil Ltd (“MOL”), bringing the Group’s interest in MOL to 91.81%.
- Norway: Lime Petroleum AS (“LPA”) is awarded a 20 per cent interest in PL1061 and a 30 per cent interest in PL1062, both in the Norwegian Sea, in the 2019 Awards in Predefined Areas (APA) round in Norway.
- Oman: Masirah Oil Ltd (“MOL”) announces the completion of its investment round, which raised a total of US$21.5 million.
- Oman: MOL announces completion of the Yumna 1 well and flow of first oil into the Aframax tanker. The well tested at a production rate of 11,843 stock tank barrels of oil per day through a 1-inch choke.
- Norway: RPS Energy Consultants Ltd issues a qualified person’s report (QPR) for the discovery asset PL838 Shrek in Norway, in which LPA holds a 30 per cent interest.
- Norway: LPA signs agreement to acquire 15 per cent interests in each of the licences PL937 and PL937B in the Norwegian Sea.
- Norway: LPA signs agreement to acquire 20 per cent interests in each of the licences PL263D and PL263E in the Norwegian Sea.
- Oman: The Ministry of Oil and Gas in Oman approves the Field Development Plan for the Yumna Field and awarded Declaration of Commerciality.
- Norway: Rex’s indirect wholly-owned subsidiary Rex International Investments Pte Ltd (“RII”) enters into options agreements with Trace Atlantic Oil Ltd (“Trace”), for Trace to have options to receive shares of proceeds of potential dividends from LPA due to RII if drilling activities of the Apollonia prospect in licences PL263D/E and the Fat Canyon prospect in licences PL937/B are successful respectively. Option fees totalling US$1.1 million will be used to fund part of LPA’s participation in the drilling of the two prospects.
- Norway: LPA participates (20%) in the drilling of the Apollonia prospect in PL263D/E, which results in a gas discovery.
- Oman: Rex appoints a Nordic independent investment bank to review non-dilutive financing options for Rex’s subsidiary MOL.
- Oman: RPS Energy Consultants Ltd issues an independent QPR for the Yumna Field in Block 50 Oman.
- Oman: MOL spuds a second development well, after awarding a rig contract to use the Tenacious rig to drill two development wells and one exploration well in Block 50 Oman.
- Norway: Lime Petroleum AS (“LPA”) enters into agreement to divest its 30 per cent interests in the Rolvsnes discovery in PL338C, PL338E and its 20 per cent interest in the Goddo prospect in PL815 in Norway for a total consideration of US$45 million.
- Norway: LPA’s divestment of Norway assets is completed.
- Norway: LPA signs agreement to acquire 30 per cent interests in each of the licences PL838 and PL838B in the Norwegian Sea.
- Group: Rex International Holding makes its first share buyback.
- Norway: LPA participates in drilling of an exploration well on the Shrek prospect in the Norwegian Sea licence PL838.
- Norway: LPA obtains regulatory approval for the transfer of interests in PL838 and PL838B in the Norwegian Sea.
- Norway: Exploration and appraisal drilling of the Shrek prospect in PL838 is completed as an oil and gas discovery estimated by the operator to have between 19 and 38 million barrels of recoverable oil equivalents.
- Norway: LPA’s farm-in for 30 per cent interests in PL838 and PL838B in the Norwegian Sea is completed, with an effective date of 1 January 2019 (a standard practice for licence transactions in Norway).
- Oman: Masirah Oil Ltd (“MOL”) awards a drilling rig contract to Foresight Offshore Drilling Limited S.A., to utilise the Foresight Driller IX jackup rig, to drill one appraisal well in Block 50 Oman.
- Oman: MOL awards a floating storage and offloading (“FSO”) vessel contract to Wings Offshore Pte Ltd for the Mt Bull Papua which is an Aframax tanker with a storage capacity of more than 700,000 barrels. The FSO will be used to store crude oil that will be produced during the early appraisal phase of the Yumna (previously known as GA South) field in Block 50 Oman.
- Oman: Trace Atlantic Oil Ltd enters into subscription agreement with MOL to subscribe for 9,421 MOL preference shares for an aggregate amount of approximately US$4.50 million.
- Oman: MOL raises additional amount of approximately US$17.00 million from subscription agreements signed with Rex Oman Ltd (on 24 December 2019), Schroder & Co Banque S.A. and a member of the management team of MOL (on 20 December 2019).
- Oman: MOL announces the spudding of Yumna 1 well which is being drilled to appraise the Yumna oil field.
- Norway: The drilling of the horizontal test production well of the Rolvsnes discovery is completed successfully, with drilling results showing good reservoir productivity and connection to a good oil volume, and production rate of up to 7,000 barrels of oil per day
- Norway: Awarded one North Sea licence in the Awards in Pre-defined Areas (APA) Round
- Norway: 20% participating interest in non-core licences - PL762 in the Norwegian Sea and PL850 in the Barents Sea - are divested
- US: Rex International Holding disposes of its entire holding of 30.29% in FRAM Exploration AS, the Group’s available-for-sale investment
- Trinidad & Tobago: Rex International Holding subsidiary divests its entire holding of 25.72% in Steeldrum Oil Co. Inc., an available-for-sale investment
- Oman: The Karamah#1 well is drilled; further proving prospectivity and presence of an active petroleum system in Block 50
- Oman: Rex International Holding injects capital into Masirah Oil Ltd, increasing effective interest to 92.24%.
- Norway: Lime Petroleum Norway AS is renamed Lime Petroleum AS
- Norway: Awarded five new licences in the Awards in Pre-defined Areas (APA) Round
- Norway: Participated in drilling of one well in the North Sea
- Norway: Rex International Holding injects capital into Lime Petroleum Norway, increasing effective interest to 99.24%
- Oman: Drilling of the Manarah-1 well confirms presence of source rock and petroleum system in the block
- Group: Rex International Holding sells part of the Group’s majority stakes in Lime Petroleum Norway and Masirah Oil Ltd to Schroder & Co Banque S.A., paring down the Group’s then effective stakes in the two companies to 89.24% and 67.03% respectively
- Oman: Rex International Holding injects capital into Masirah Oil Ltd, increasing effective interest to 78.68%
- Oman: The Exploration and Production Sharing Agreement (EPSA) for Block 50 is extended for another three years to March 2020
- Norway: Extension of credit facility of NOK400 million (about US$46 million) for two more years from December 2016 is secured
- Trinidad & Tobago: Rex International Holding subsidiary’s stake in Steeldrum Oil Company Inc. is lowered to 25.72%
- Norway: Awarded one new licence in the Pre-defined Areas (APA) Round and increases stakes in two licences
- Norway: Participated in drilling of five exploration wells
- Rex Virtual Drilling: Version 2 is developed; with improved depth resolution in the analysis of seismic data
- Trinidad & Tobago: Assets merged into a new entity, Steeldrum Oil Company Inc.
- Group: Raises S$95.78 million in a private placement of 168 million new shares
- Group: Acquires all rights to Rex Technologies: Rex Gravity, Rex Seepage and Rex Virtual Drilling
- Oman: Oil discovery is made; confirmed by positive flow test results
- Oman: The Exploration and Production Sharing Agreement for the Block 50 is renewed
- Norway: Awarded interests in five new offshore licences in the Awards in Predefined Areas (APA), acquired stakes in three new licences and dropped three other licences following extensive geological and technological studies
- US: The Group streamlines its holdings in the US
- Group: Debuts on Catalist, Singapore on 31 July 2013
- Group: Raises net proceeds of S$50.5 million through placement of 70 million new shares
- Group: Grows portfolio from interests in 10 licences in three regions (Norway, the Middle East and the US) to 17 licences in four regions – adding Trinidad & Tobago - within a five-month period from IPO to end of 2013
- Oman: First offshore well is drilled in Block 50