souwesterThis looks like Jasmin has been sold, 100% to REX. How is it possible for a transaction to take place while in the midst of a litigation with Maxim? It also claims ownership of 100% working interest.
https://rex.listedcompany.com/newsroom/20131218_171500_5WH_43F3846C001BFB8C48257C45001355CC.1.pdf
PRESS RELEASE
Rex International Holding subsidiary to acquire rest of 25 per cent
stake in South Erin Block in Trinidad & Tobago
Caribbean Rex to hold 100 per cent working interest in South Erin Block, 100 per cent interest
in Inniss-Trinity and 51 per cent working interest in the Cory Moruga block after completion
of its drilling obligations.
Funding for transaction at asset level; Rex International Holding to invest up to USD 4 million
additional funds early 2014; capital expenditure expected to be self-funding thereafter
Drilling of 5-7 exploration and development wells planned for 2014; with first drilling in first
quarter of 2014
SINGAPORE, 18 December 2013 – Rex International Holding Limited (“Rex International Holding”
or the “Company”, and together with its subsidiaries, the “Group”), one of the largest companies
listed on the Catalist of the Singapore Exchange Securities Trading Limited, is pleased to update that
Rex International Holding, has through its 64.17 per cent-owned licence-holding company Caribbean
Rex Limited (“Caribbean Rex”), signed a Share Sale Agreement (“Share Sale Agreement”) to acquire
the remaining 25 per cent stake in Jasmin Oil and Gas Limited (“Jasmin”) from independent third
parties. Jasmin holds 100 per cent of the South Erin Block licence in Trinidad & Tobago.
The transaction is expected to be completed within the next 90 days. Upon the completion of the
transaction, Caribbean Rex shall have a 100 per cent stake in Jasmin and hence, a 100 per cent
working interest in the South Erin Block. The purchase consideration, which is immaterial to the
Group, will be funded internally by Caribbean Rex. Caribbean Rex’s interests in the Incremental
Production Service Contract in Inniss-Trinity remain at 100 per cent and in Cory Moruga at 20 per
cent, which will increase to 51 per cent upon certain conditions for a drilling programme being met.
Mr Dan Broström, Executive Chairman of Rex International Holding said, “In line with our prudent
capital management strategy, the funding for the transaction is from the asset level. Rex
International Holding intends to inject additionally up to USD 4 million while Pareto Staur SPV1 AS,
the other major shareholder of Caribbean Rex, intends to inject up to USD 2 million into Caribbean
Rex in early 2014, so that the three onshore concessions in Trinidad & Tobago would become selfsufficient
in terms of capital expenditure by the end of 2014. The South Erin Block currently has a
production average over the last three months of about 50 barrels per day (bpd) of oil from four
shallow wells. With the increased 100 per cent working interest in South Erin Block and under new
tax legislation in Trinidad & Tobago to be effective in January 2014, all revenue generated from this
oil production can be 100 per cent offset against exploration expenses in Cory Moruga, the potential
of which we have analysed using Rex Virtual Drilling and are very excited about.”
“We plan to drill five to seven onshore wells in our three concessions in Trinidad & Tobago next
year, with the first drilling to be carried out in the first quarter of 2014. Our intention is to prove up
the reserves and put the concessions into production. To unlock value for our shareholders, these
assets may be sold and the capital recycled, or may be spun off into a separately listed entity in a
few years’ time,” Mr Broström added.
Rex International Holding had on 14 August 2013, announced the signing of a term-sheet for access
to the three onshore exploration & production (E&P) licences in Trinidad & Tobago. On 21 October
2013, Rex International Holding announced that it would increase its stake in Caribbean Rex to
64.17 per cent from the initially stated stake of 51.99 per cent by paying a share consideration of
USD 3 million to Fram Exploration ASA (“Fram”), as part of a restructuring exercise in relation to Rex
International Holding’s US concessions and onshore E&P opportunities in the Trinidad & Tobago.
The said shares were allotted and issued to Fram on 15 November 2013.
About Rex International Holding
Rex International Holding was listed on Singapore Exchange Securities Trading Limited’s Catalist
Board on 31 July 2013. The oil exploration and production company has access to a set of proprietary
and innovative exploration technologies, Rex Technologies, originating from the Company’s Swedish
founders. These include the game-changing Rex Virtual Drilling technology, the world’s first direct
hydrocarbon detector using seismic data, which literally enables the Group to ‘see oil in the ground’
by pinpointing the location of oil reservoirs in the sub-surface. Through the exploration accuracy of
Rex Technologies which are applicable to both onshore and offshore oil exploration, the oil discovery
success rate is significantly increased. The Company also owns the unique Rexonic ultrasound
technology which is used for well bore cleaning which allows for significantly increased oil
production in wells that have issues with clogging and deposits.
Rex International Holding holds rights to explore oil and gas in the Middle East, Norway, the US and
Trinidad & Tobago. These offshore and onshore concessions cover an aggregate area of over 25,000
square kilometres in regions known for previous oil and gas discoveries. Located in politically stable
countries with well-developed oil and gas infrastructures, Rex International Holding has a portfolio
of assets that is geographically diversified and consists of a good mix of both onshore and offshore
concessions.
Issued by Rex International Holding Limited
Tel: +65 6908 4858 / +65 8518 8945
Mok Lai Siong, laisiong.mok@rexih.com
Rex International Holding Limited (the “Company”) was listed on Catalist of the Singapore Exchange Securities Trading Limited (the
“SGX-ST”) on 31 July 2013. The initial public offering of the Company was sponsored by PrimePartners Corporate Finance Pte. Ltd. (the
“Sponsor”).
This press release has been prepared by the Company and its contents have been reviewed by the Sponsor for compliance with the
relevant rules of the SGX-ST. The Sponsor has not independently verified the contents of this press release.
This press release has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this
press release including the correctness of any of the statements or opinions made or reports contained in this press release.
The contact person for the Sponsor is Mr Mark Liew, Managing Director, Corporate Finance, at 20 Cecil Street, #21-02 Equity Plaza,
Singapore 049705, telephone +65 6229 8088.