Rex seeks oil in Oman to steady topline growth
Oil E&P player is armed with proceeds from divestment in Norway and a surging share price.
REX International Holding is in the thick of assessing the production capacity of its oilfield asset in Oman. The Catalist-listed firm sees itself progressing towards a robust revenue stream with this move, on the back of stabilised oil prices, executive chairman Dan Broström told The Business Times.
In late December, Rex, an oil exploration and production (E&P) firm, announced that its 92.65 per cent-owned unit, Masirah Oil, is drilling an appraisal well in the Yumna oilfield within its Block 50 concession in Oman. Masirah fully owns the offshore concession.
"Oman is important for us to succeed in because that gives us ... recurrent cash every month; producing and selling (oil). When you have that, you feel much more certain that you can start doing dividends and things like that, because then you have money coming in all the time," Mr Broström said, noting that this will be the first time Rex heads into oil production.
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