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Rex International engages mandated arranger to finance development of Malaysian offshore fields

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Yong Jun Yuan

Yong Jun Yuan

Published Mon, Jul 4, 2022 · 06:41 PM
    • The oil and gas group holds 95 per cent of the interests and operatorship in both the Rhu-Ara and Diwangsa clusters.
    • The oil and gas group holds 95 per cent of the interests and operatorship in both the Rhu-Ara and Diwangsa clusters. Photographer: Chris Ratcliffe/Bl

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    MAINBOARD-LISTED Rex International announced on Monday (Jul 4) that its wholly-owned subsidiary, Pantai Rhu Energy, has engaged GFI Securities’ Carlinford division as its exclusive mandated arranger of financing.

    The division will arrange the financing for the development of the Rhu-Ara Cluster and Diwangsa Cluster, both located in offshore Peninsular Malaysia. The oil and gas group holds 95 per cent of the interests and operatorship in both clusters.

    Rex International said that according to Petronas, an oil and gas company wholly owned by the government of Malaysia, the previously discovered fields in the Rhu-Ara Cluster have total estimated recoverables of 12.7 million stock tank barrels (MMstb) of oil. The Diwangsa Cluster has total estimated recoverables of 10.7 MMstb.

    Rex added that it will share more details on its development plans for the clusters in due course.

    Shares of Rex International closed flat at S$0.265 on Monday.

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