Rex International Holding Limited operates as an independent oil exploration and production company. It operates through Oil and Gas, and Non-Oil and Gas segments. The company offers Rex Virtual Drilling, a liquid hydrocarbon indicator, which uses seismic data to search for oil. The company is involved in the oil and gas exploration and production activities with a focus in Oman and Norway.
Rebound in oil prices. WTI crude futures climbed more than 2% to above US$71 per barrel, while Brent crude futures gained about 2% to above US$74.5 per barrel yesterday. Both WTI and Brent crude futures gained a total of approximately 7.7% and 6.5% respectively, after the major sell-off 2 weeks ago when the Omicron variant was first announced. Oil prices recovered as uncertainties around the new variant and its economic implications start to ease, as a South African health official reported over the weekend that Omicron cases had only shown mild symptoms, while top US infectious disease official Dr. Anthony Fauci said that the initial data on the omicron variant was “encouraging.”
Second producing field near completion. The company announced last Wednesday that the completion of Rex’s 90% subsidiary Lime Petroleum AS’s acquisition of 33.8% of the Brage Field is now expected to be completed by 15 December 2021. Brage Field will add around 3.4k barrels of oil production per day net to Rex’s subsidiary, Lime Petroleum.
Diversifying into the clean and green space. In November, Rex announced thatits 90% subsidiary Lime Petroleum AS has entered into an agreement with Nautilus Carbon Services AS to participate in the first phase of a larger project involving several other joint-industry project partners, which aims to secure a storage site in the Norwegian Continental Shelf where CO2 can be injected and safely stored permanently. This project is in line with the global goal to reach net-zero emissions by 2050.
Joining the big guys. Last Thursday, Rex announced that the company has submitted an application to SGX in relation to the proposed transfer from the Catalist to the Mainboard of the exchange, which approval signify the credibility of Rex, given that companies seeking a listing on the Mainboard must meet the entry criteria, which includes minimum profit and/or market capitalisation levels.