Rex expects to reap revenues from oil production
Coupled with marketing of its seismic data analysis technology which has high predictive capabilities of dry wells, the new capability will help firm turn profitable
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MOSTLY known as a technology oil firm, Rex International hopes to activate its production capability as an added revenue generator in a couple of years. Stabilising oil prices could serve as a boon for such aspirations.
In fact, the management of the Catalist-listed firm is banking on this plan coupled with the marketing of its Rex Virtual Drilling seismic data analysis technology to help turn around the firm that has been in the red for five straight years.
The stock, which was listed in July 2013 at 50 Singapore cents each, had enjoyed only a short victory - it peaked at 71 cents in May 2014 before dwindling rapidly amid an oil rout to a low of 4.4 Singapore cents in August 2016. It closed at 4.7 Singapore cents on June 1.
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