Rex sells a Trinidad working interest to Leni Oil and Gas

CATALIST-listed Rex International has divested its indirect equity in the working interest for the Innis-Trinity oil field in Trinidad and Tobago for US$5 million in cash.

Caribbean Rex Limited, an indirect subsidiary of Rex International, fully owns the firm that holds the Incremental Production Service Contract (IPSC) for the 24 sq km field, and has signed a binding agreement to sell this to LGO Trinidad Holdings, a wholly owned subsidiary of London-listed Leni Gas and Oil.

The field is owned by national oil company Petroleum Company of Trinidad and Tobago Limited (Petrotrin).