Rex to further develop Norway, Oman discoveries for 'greater rewards'

Singapore

CATALIST-listed oil and gas (O&G) Rex International intends to go the full nine yards of bringing its first two discoveries into production by tapping debt financing for its share of development costs.

Chief executive Mans Lidgren told The Business Times that Rex can reap "greater rewards" by pressing on further with the development of the two discoveries - Rolvsnes off Norway and GA South off Oman, which produced 7,000 barrels per day and 3,500 barrels per day of crude during recent well tests respectively.

He qualified that Rex may still look into divesting some of its working interests in Block 50 in Oman a…