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Stocks to watch: KrisEnergy, Rex International, SIA, NOL
UPSTREAM oil and gas company KrisEnergy has received government approval of the production area application for an area containing the Rossukon oil discovery in the Gulf of Thailand. The company drilled two exploration wells and two intentional sidetrack wells in the Rossukon area in the first half of 2015. Each well encountered oil and gas, adding to volumes from the original Rossukon discovery made in 2009.
REX International said on Monday that its indirect wholly-owned subsidiary Rex Caribbean Holdings (RCH) has entered into an investment and shareholder's agreement with West Indian Energy Holding AS (WIEH) and GELCO Energy Inc (GELCO), to merge the aforementioned parties' respective assets in Trinidad into a new entity, Steeldrum Oil Company Inc.
RCH and WIEH will each make a cash contribution of US$1 million less net cash (cash less payables and accruals held in the parties' respective subsidiaries at the closing date) into Steeldrum.
The company's effective equity interest in Caribbean Rex Limited after the completion of the merger will be reduced to 36.86 per cent. Caribbean Rex Limited will cease to be a subsidiary of the company but will become an indirect associated company.
SINGAPORE Airlines (SIA) confirmed that there was a bomb threat concerning flight SQ001, which originated from San Francisco and arrived at Changi Airport on Sunday afternoon. Police said security checks had found nothing suspicious and are investigating the source of the bomb threat.
NEPTUNE Orient Lines (NOL) has entered exclusive talks with France's CMA CGM over a potential takeover of the Singapore container transportation group. CMA CGM, the world's third largest shipping liner, has until Dec 7 to complete customary due diligence on NOL and its subsidiaries and negotiate the definitive agreements to be entered into in relation to the offer.