Rex increases stake in Trinidad & Tobago asset

Singapore

CATALIST-listed Rex International has upped its stake in a Trinidad and Tobago asset where drilling has uncovered positive seismic data.

The firm acquired a 63.8 per cent working interest in the Cory Moruga Block for US$1.5 million in cash and S$200,000 in the working capital of Parex Resources (Trinidad), which holds the asset. Rex funded this from the proceeds of the share placement deal in September last year. The acquisition brings its total indirect interest in the onshore block to 83.8 per cent.