Rex jumps on news of Oman hydrocarbon find

DEFYING a weak market, Swedish oil and gas exploration firm Rex International's shares rose 8 per cent to 65 cents yesterday amid heavy trading, after it said that a joint-venture unit had found hydrocarbons in a second exploration well in Oman.

The discovery, made using the Rex Virtual Drilling technology, is a testament to the accuracy of Rex's direct hydrocarbon detector, said its executive chairman, Dan Brostrom.

This comes after a setback in its first exploration well in Oman, when its share price fell 8.6 per cent in late December.