Rex International Holding is an oil and gas company headquartered in Singapore. The company's main activity is in offshore oil and gas exploration and production in assets located in Oman and Norway.
The company owns Rex Virtual Drilling, which is developed by its Swedish founders. Rex Virtual Drilling is a liquid hydrocarbon indicator that studies resonance information in seismic data, using unique algorithms that create 3D maps that show any correlation with the presence of oil in the ground.
Rex International Holding achieved four offshore oil discoveries in July 2013.
The company was publicly listed on 31 July 2013 and is on Singapore Exchange's secondary board, Catalyst.
History
The Company was founded by Karl Lidgren, Hans Lidgen and Svein Kjellesvik. The three then founded Rex Partners, whose subsidiary Rex Commercial and Schroders & Co Bank AG were the initial shareholders of Rex International Holding, a private company incorporated in Singapore on 11 January 2013. The Company's current focus is on its offshore assets in Norway and Oman, operated by its subsidiaries, Lime Petroleum AS and Masirah Oil Limited respectively.
31 July 2013: Rex International Holding was listed on the Singapore Exchange Securities Trading Limited’s (SGX-ST) Catalyst Board. It is one of the largest company listed on the Catalyst Board.
4 February 2014, an oil discovery was announced in Block 50 Oman. The second exploration well that was drilled in the concession had successfully reached a good target depth of more than 3,000m into the Cambrian formation. Hydrocarbons were discovered in several formations with good oil samples extracted.
On 12 December 2014, the company acquired 100% shareholding interest in Rex Technology Management, owner of a suite of Rex Technologies. The acquisition alleviates concerns the investors had and also allowed the Company to hold its key differentiator – Rex Technologies, in the listed entity.
On 27 August 2018, the company started the drilling and production testing of the Rolvsnes oil discovery in PL338C, in which Rex’s 90 percent subsidiary Lime Petroleum AS holds a 30 percent interest, was completed successfully with a production rate of up to 7,000 barrels of oil per day (bopd), confirming sustainable commercial oil flow.
On 29 May 2019, Lime Petroleum AS completed the divestment of 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.
On 16 October 2019, Lime Petroleum AS participated (30 percent) in the exploration drilling of the Shrek prospect, which was completed as an oil and gas discovery estimated by the operator to have between 19 and 38 million barrels of recoverable oil equivalents. The partners in the licence would consider tying the discovery into the Skarv facility.
17 February 2020: The Yumna 1 well has tested at a production rate of 11,843 stock tank barrels of oil per day through a 1-inch choke, with a crude oil gravity of 42 degrees API.
12 July 2020: The Ministry of Oil and Gas in Oman approved the Field Development Plan for the Yumna Field and awarded a Declaration of Commerciality.
2 November 2020: Lime Petroleum AS participated (20%) in the drilling of the Apollonia prospect in PL263D/E, which results in a gas discovery.
23 January 2021: Yumna 2 in Block 50 Oman commenced production, at a stabilized rate of 9,000 stb/d of oil.
18 February 2021: Yumna 3 in Block 50 Oman commenced production, testing at a rate of 12,984 stb/d of oil on natural flow through an 80/64” choke.
17 March 2021: Masirah Oil Limited announced the completion of the upgrade to the Yumna Field process facilities, which has more than doubled the liquid handling capacity on the Mobile Offshore Production Unit (MOPU) to 30,000 barrels per day.
7 April 2021: Lime Petroleum AS signed an agreement with ONE-Dyas Norge AS (“ONE-Dyas”) to swap its 20 percent interests in each of the licenses PL263D, PL263E, and PL263F Sierra (previously known as Apollonia) in the Norwegian Sea for ONE-Dyas’ 13.3 percent interest in PL433 Fogelberg. The transfer of the interests is pending regulatory approval.
Technologies
Dr. Karl Lidgren and Mr. Hans Lidgen, two of the three founders of Rex International Holding developed Rex Technologies. The proprietary exploration technologies have the ability to predict the location of liquid hydrocarbons.