Rex International Holding Ltd (REXI SP): Power up on oil

EC CEO CFO12.21

  • BUY Entry – 0.295 Target – 0.340 Stop Loss – 0.270

  • 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.

    ForesightDriller

  • 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 that its 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.



Share Prices

Counter NameLastChange
AEM Holdings4.280-0.030
Avi-Tech Electronics0.320-
Broadway Ind0.186-0.001
China Sunsine0.440-
DISA0.004-
Food Empire0.535-
Fortress Minerals0.420-0.025
Geo Energy Res0.440-
Golden Energy0.750-
GSS Energy0.060-
InnoTek0.540-0.005
ISDN Holdings0.545-0.005
ISOTeam0.1080.003
IX Biopharma0.172-0.002
Jiutian Chemical0.109-
KSH Holdings0.350-
Leader Env0.059-0.001
Medtecs Intl0.189-0.004
Meta Health0.038-0.001
Moya Asia0.055-
Nordic Group0.4050.010
Oxley Holdings0.1770.002
REX International0.2900.010
Riverstone0.7550.005
Sinostar PEC0.230-
Southern Alliance Mining0.620-0.005
Straco Corp.0.400-0.020
Sunpower Group0.4050.005
The Trendlines0.104-
Totm Technologies0.142-0.004
UG Healthcare0.225-
Uni-Asia Group1.060-0.070
Wilmar Intl4.100-
Yangzijiang Shipbldg0.900-0.005

NextInsight RSS

rss_2 NextInsight - Latest News

Online Now

We have 1857 guests and no members online