Rex Int'l aims for higher revenue from wells, proprietary RVD technology
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Singapore
CATALIST-LISTED Rex International Holding said on Thursday that it is targeting substantially higher revenue from 2018 onwards from its discovery assets in Norway and Oman as well as its proprietary Rex Virtual Drilling (RVD) technology.
In a filing to the Singapore Exchange, Rex said an appraisal well will be drilled in the Edvard Grieg South (Rolvsnes) prospect in Norway in the first half of 2018 and, if successful, would be tied back to the existing Edvard Grieg production platform for test production in 2020. Rex's 87.84 per cent subsidiary Lime Petroleum AS holds a 30 per cent stake in the well's licence.
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