CATALIST-LISTED Rex International Holding said on Thursday it is targeting substantially higher revenue from 2018 onwards from its discovery assets in Norway and Oman and proprietary Rex Virtual Drilling (RVD) technology. In a filing to the Singapore Exchange, Rex said an appraisal well will be drilled in the Edvard Grieg South (Rolvsnes) prospect in Norway in the first half of 2018 and, if successful, would be tied back to the existing Edvard Grieg production platform for test production in 2020. Rex’s 87.84 per cent subsidiary Lime Petroleum AS holds a 30 per cent stake in the well’s licence. Appraisal efforts are also underway in Oman. The evaluation of the development programme for the GA South#1 discovery in Oman is ongoing and will continue until the first quarter of 2018. Should the evaluation be positive, an appraisal well is targeted to be drilled before the end of 2018. To reduce its holding risks and to garner financing for the drilling of the appraisal well, Rex said it is in negotiations to farm out a percentage of the concession. Said Rex executive chairman Dan Brostrom: “When we were first listed in mid-2013, our original business model was to focus on using the… Read full this story
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