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.
Oil prices remain upbeat. WTI crude futures held above $87 per barrel yesterday after hitting a fresh 7-year high of $87.95 in the previous session, while Brent crude futures held above $89 per barrel yesterday after surging above $90 in the previous session for the first time in seven years. Markets remained concerned over Russia-Ukraine tensions. Adding to the tighter market conditions, the latest EIA report showed that crude stockpiles fell for the third week in a row to 31.7 million barrels, getting close to the 30 million barrel-level that traders watch as a warning sign for low inventories.
Joining the big guys. The company announced yesterday that it has obtained approval-in-principle from SGX for the transfer of listing from the Catalist Board to the Mainboard. The board believes that the Mainboard Listing would provide the company with a wider platform to reach out to a larger investor base. This could potentially facilitate greater access to equity and debt markets, if applicable, to maximise the group’s growth potential.
Norway: Second leg of production for Rex, transformational for Lime Petroleum (LPA, Rex’s 90%-owned subsidiary) . LPA’s acquisition of a 33.8% interest in the Brage Field was its most significant transaction of 2021, as it fulfils LPA’s ambition to transition from pure-play exploration to a full cycle exploration and production company on the Norwegian Continental Shelf, and to establish recurring cash flow, as well as develop and drive further value in LPA’s existing portfolio.
