REX see Oil ......again and again

Singapore-based Rex International Holding said that one of its subsidiaries has gotten the green light from the Norwegian government to take minority stakes in two offshore blocks.

The Norwegian Ministry of Petroleum & Energy gave the okay to Lime Petroleum, which is 65%-owned by Rex, to buy 10% stakes from North Energy in Production Licenses 707 and 708 in the Barents Sea, not far from the Finnmark East platform.

The deal is part of a co-operation agreement between Lime and North, and involved "no consideration" for the transfer of ownership, Rex said.

PL 707 covers an area of about 982 square kilometres, and PL 708 covers an area of about 507 square kilometres. Both licences have undergone seismic analysis.

"Analysis done with Rex Virtual Drilling indicates the presence of hydrocarbons in these concessions," rex said in a statement, adding that the findings "are supported by a previous technical discovery of oil and gas in the PL 707 licence".

PL 707 operator Edison International and PL 708 operator Lundin are firming up a work programme with Lime's help, Rex said.

Flowerpower, elmo888, Fortunebull and everyone in this blog, a very good morning indeed. Dow close above 16000 point for the first time. All the best for Hibiscus today

At this moment US index up 86 point. Tomorrow a good day for Hibiscus to announce the drilling date. Then price can jump higher. Good night.

Wow!!! Many will get rich if they hit oil.

Will hold Rex share for long term. And if Hibiscus share can touch RM 3.00 plus, i will sell half first. By the way, do you hear any price target for Hibiscus?

Good point.

sure, thank u. Flowerpower did u buy Rex last few day when they push down the price? I bought alot around 55 cents.

Location macam tak betul?

Rex Oil & Gas, Ltd.

Rex Oil & Gas Ltd is an oil and gas exploration company formed in 2008 by Messrs. Karl Lidgren PhD, Hans Lidgren MSc, and Svein Kjellesvik MSc

Surveys produced by the founders of Rex Oil & Gas Ltd made way for major findings such as the ”Haltenbanken” in Norway and the ”Bukha” field in Oman. Many reputable oil majors were serviced with this technology.

Flowerpower well said.

its actually about 30 meter for Oman (shallow water)

This paragraph is very important:

"At a briefing that the company held for analysts and fund managers on Thursday, Mr Skantze assured them that all its concession assets contain substantial amounts of oil.

Rex will only participate in drilling licence rights for assets with at least 50 million barrels of recoverable oil."

Good luck to all. Be happy.

Here is the write outREX: Recurring income from JV in oil production service
Saturday, 16 November 2013 12:00


THREE MONTHS after its IPO on 31 July, Rex International has increased its portfolio of oil exploration and production licences from 10 to 15.


Rex CEO Maans Lidberg“We are well on target to doubling our concession rights to 20 oil exploration and production contract areas within a year of listing,” said its COO Kristofer Skantze.

At a briefing that the company held for analysts and fund managers on Thursday, Mr Skantze assured them that all its concession assets contain substantial amounts of oil.

Rex will only participate in drilling licence rights for assets with at least 50 million barrels of recoverable oil.

Currently, its technology is used only for oil exploration. It has stayed away from oil production because of the high capital expenditure and working capital requirements.

As no revenue was generated, the company posted a loss after tax of US$3.7 million for the first 9 months of 2013.

Two new developments are about to improve its revenue and cash flow.

Revenue from oil production service


“Rexonic will contribute a complementary, recurring revenue stream to Rex International’s main activities in oil exploration,” said CEO Mans Lidgren in a press statement.

Rexonic owns proprietary, patented ultrasound technology that is highly efficient in cleaning the wellbore of typical oil production inhibitors such as wax, paraffin and salt deposits.

This significantly increases oil flow through the wellbore at low cost, and has proven to increase oil production by 30% to 380% both onshore and offshore.

“This has worked for low producing as well as high producing oil-wells owned by South American and Asian national oil companies that contracted us,” said Ogsonic chairman and founder Peter Spenger, who was also present at the meeting.


Rexonic’s operating business models will include the servicing and licensing of the technology to oil production companies and oil service companies.

Rex International paid for its 66.7% stake in Rexonic with US$10 million cash and the issue of 15.8 million new Rex shares worth S$12.4 million (at 78.7 cents each).

Ogsonic owns the remaining 33.3% in Rexonic and will contribute its oilfield service technology.

To raise monies for the JV, Rex International placed out 70 million new shares at 75.5 cents each this month (gross proceeds S$52.85 million).

Drilling commences this month

The second development that will boost revenue at Rex is a drilling campaign that takes place this month.

“We are spuding Rex International’s Oman oilwell from 20th to 25 Nov. The drilling campaign will last about a month. We hope to see the first results around Christmas,” said Mr Spenger.

Rex International's 65%-owned subsidiary, Lime Petroleum, has a 64% participating interest in the Block 50 Oman concession, whilst Petroci Holding, the national oil company of Ivory Coast, has a 36% participating interest.

“Next year, we intend to have 5 to 8 drilling campaigns,” added Mr Skantze.

Separately, Rex International will be added to the MSCI Singapore Small Cap Index on 26 November.

Drilling in Oman is on 20th to 25 Nov this month. The drilling campaign will last about a month. The first results around Christmas,

Fully agree

If strike oil in Oman, share price probably hit RM 3.00 plus. This is my target, i do not know what price is outside speculating. Anyone know?

Felix

Also located on oily' southern edge of the Fault is the Felix prospect that 3D Oil describes as the 'best oil address in
Australia'.
Felix is a large inversion feature along the Rosedale Fault System with multiple targets and increasing closure with
depth.
It is flanked by two oil fields, Wirrah and Moonfish, and appears larger at the sub-volcanic level which contains oil in
both fields.
3D Oil had previously estimated that Felix had the potential to host over 100 million barrels of oil and like Sea Lion,
contains a deep gas prospect.
A further pipeline of exploration targets can be found on the northern edge of the Rosedale Fault System where nine
prospects and leads have been identified.

Catalysts - 12 months

Success of first appraisal well
Success of second appraisal well
Grant of production licence
Final investment decision on West Seahorse
Securing project financing

Analysis


With a proven oil field containing best estimate Contingent Resource (2C) of 9.2 million barrels of recoverable oil and a
highly experienced joint venture operator taking the lead role in developing the field, 3D Oil is now on a clear path
commercialising its assets and realising cash flow.
The A$29 million farm-in and share subscription is also a strong outcome in light of current market conditions,
highlighting the value that Hibiscus places on West Seahorse and other exploration targets in VIC/P57.
Even with significant discounting to account for development costs and risks, 3D Oil's 49.9% stake in West Seahorse
could be at least A$51.63 million.
This works out to about A$0.25 per share, significantly higher that the company's share price of A$0.095.
The disconnect clearly highlights how undervalued 3D Oil's shares currently are and provides savvy investors who
understand that investment in oil and gas exploration companies is potentially high risk with equally high rewards, a
compelling reason to buy into the company before the appraisal wells are drilled and development begins.
Further upside could come from other exploration prospects in the permit, which if successful, could provide a source of
ongoing production and cashflow for 3D Oil.

Pereira will also become a director of 3D Oil.

West Seahorse

First discovered in 1981 with the discovery well flowing 1,800 barrels of light 48 degrees API oil per day, West
Seahorse has since been proved up by two appraisal wells with the West Seahorse-2 providing controls on the extent
of the reservoir while 3D Oil's West Seahorse-3 intersected an 8 metre oil column with excellent porosity.
Further improving confidence is West Seahorse's close proximity to producing oil and gas fields in one of Australia's
most prolific petroleum basins, that still produces about 50,000 barrels of oil per day.
These fields include ExxonMobil's A$4.4 billion Kipper-Tuna-Turrum project where first oil is expected this year and gas
production targeted for 2016.
Indeed, a report in March 2011 from Intersuisse concluded that even the conservative 1C contingent resource estimate of 4.2 million barrels of oil at West Seahorse could be recovered economically.
3D Oil currently estimates that West Seahorse holds 2C Contingent Resources of 9.2 million barrels of oil and is also
investigating the resource potential of the Gurnard Formation that lies directly above the main reservoir.
Although mineralogically complex this interval consistently contains hydrocarbon shows in the West Seahorse area, and
is a proven reservoir elsewhere in the Gippsland Basin.
The company's interest in the formation was sparked by the nearby Wardie-1 well that flowed oil from this interval and
believes that it could host 12.2 million barrels of oil.
West Seahorse is also located just 14 kilometres from the Victorian coast in water depths of about 35 metres.
The development concept that is currently being progressed by the joint venture calls for the West Seahorse field to be
produced from up to two wells via a Mobile Offshore Production Unit (MOPU).
This will process the crude oil, which will be transported to shore via a pipeline to an onshore storage and road tanker
terminal. The oil will then be transported to a Victorian refinery. An option to tie-in to an existing third party pipeline
which runs to both Victorian refineries is also being considered.
A project team has been established in Melbourne with Hibiscus, 3D Oil, engineering firm WorleyParsons (ASX:
WOR) and other specialists to carry out concept and Front-End Engineering and Design (FEED) studies.
These studies are required for all government approvals and bank finance to allow a Production Licence application to
be submitted early next year and for production to start within two years.
3D Oil has already received the regulatory "declaration of location" from the National Offshore Petroleum Titles
Administrator over West Seahorse.
This declaration starts the regulatory approval process to convert the area with a proven hydrocarbon accumulation
governed by the terms of an exploration license into an area covered and governed by the terms of an oil and/or gas
production license.
In addition, Hibiscus' farm-in to VIC/P57 has also been approved by the Foreign Investment Review Board.
Development of West Seahorse will be initiated by the drilling of two appraisal wells.

Sea Lion

VIC/P57 also contains a number of other leads and prospects identified by 3D seismic that has recently undergone
state-of-the-art reprocessing.
Of these, the Sea Lion prospect on the southern edge of the Rosedale Fault System is considered to be the prime
candidate for further exploration.
The prospect is on trend with the West Seahorse, Seahorse, Wirrah, West Moonfish and Moonfish oil discoveries.
It targets the Upper Latrobe group reservoirs, similar to the West Seahorse field, and with best estimate prospective
resources of 11 million barrels of oil, provides significant upside
potential, which may materially increase the economic value of the development.
Sea Lion also contains a deep gas prospect that with the permit's close proximity to shore and existing infrastructure,
could be easily developed.
Commercial discoveries will find a ready market in Eastern Australia, where gas prices could increase from the current A$3 and A$4 a gigajoule to A$9 a gigajoule as the gas becomes increasingly linked to oil prices due to the impact of the
export liquefied natural gas projects that are under development.
Felix

....continue...

Feb 7th 2013
3D Oil fast tracks development of West Seahorse oil
field
3D Oil (ASX:TDO) is on the path towards production and cash flow with the
progress it is making together with Malaysian partner Hibiscus Petroleum
Berhad on fast tracking development of the 9.2 million barrel West Seahorse oil
field in VIC/P57, offshore Gippsland Basin.
With Hibiscus contributing a total of A$27 million towards development of the
field, which involves the drilling of up to two appraisal wells, 3D Oil is now
forecasting a Final Investment Decision by the third quarter of 2013 and first oil
production potentially by late next year.
The joint venture (3D Oil 49.9%) will also target the drilling of an exploration
well in the Sea Lion prospect that has prospective resources of 11 million
barrels of oil in the same reservoir units as at West Seahorse. A discovery in
the adjacent Sea Lion, a low risk look-a-like, has the potential to at least double
the project value.
With the path towards cash flow now in place, 3D Oil is planning to re-focus its
exploration effort as well as assess new opportunities for growth.

Share price: $0.095
Issued shares: 206.56 million
Market Capitalisation: $19.62 million
Net Debt: $3.9 million (as of 20 November 2012)
Cash: $ 2.85million (as of 31 December 2012)
EV: $20.67 million

Analysis

With a proven oil field containing best estimate Contingent Resource (2C) of
9.2 million barrels of recoverable oil and a highly experienced joint venture
operator taking the lead role in developing the field, 3D Oil is now on a clear
path commercialising its assets and realising cash flow.
The A$29 million farm-in and share subscription is also a strong outcome in light of current market conditions,
highlighting the value that Hibiscus places on West Seahorse and other exploration targets in VIC/P57.
Even with significant discounting to account for development costs and risks, 3D Oil's 49.9% stake in West Seahorse
could be worth at least A$51.63 million to the company.
This works out to at least A$0.25 per share, significantly higher that the company's share price of A$0.095.
The disconnect clearly highlights how undervalued 3D Oil's shares currently are and provides savvy investors who
understand that investment in oil and gas exploration companies is potentially high risk with equally high rewards, a
compelling reason to buy into the company before the appraisal wells are drilled and development begins.
Further upside could come from other exploration prospects in the permit, which if successful, could provide a source of
ongoing production and cashflow for 3D Oil.

Background

The offshore Gippsland Basin is one of the most prolific petroleum provinces in Australia with some 4 billion barrels of
oil and 12 trillion cubic feet of gas discovered.
Most of these were discovered during the 1960s and 1970s by then Esso and BHP Billiton (ASX: BHP), who held
exploration rights over much of the Basin.
While other explorers have made discoveries in the 1980s in areas relinquished by the two giants, none made large oil
discoveries that would have been commercial, leading to a decline in drilling and the corresponding drop in new
discoveries.
In recent years though, high oil prices thanks to rising global demand, lack of spare capacity and supply worries along
with the prospect of higher gas prices in Eastern Australia have all served to make smaller oil and gas finds in the
Gippsland commercially viable.

Hibiscus farm-in

Under the farm-in agreement, Hibiscus will acquire a 50.1% interest in petroleum exploration permit VIC/P57 through an
investment of up to A$27 million in tranches to fund joint operations on the permit.
The Malaysian company has also subscribed for 30.96 million 3D Oil shares for A$2 million, giving it a 13% interest
in 3D Oil.
Upon production, Hibiscus Petroleum will preferentially receive 74.9% of Petroleum produced from the permit until the
sale revenue equals the amount funded by Hibiscus Petroleum. Thereafter, each party will receive cash flows
equivalent to their participating interest in the producing asset.
The new joint venture will also consider the drilling of the Sea Lion prospect, which with a prospective resource of 11
million barrels of oil, could significantly increase the prospectivity of VIC/P57.
Hibiscus itself was listed on the Kuala Lumpur stock exchange as a Special Purpose Acquisition Company in July 2011
before conversion into a normal operating company on 18 April this year.
It holds a 35% stake in Lime Petroleum, which holds four concessions in the Middle East, as well as agreements with
North Energy to participate in 4 concessions located at the Norwegian Continental Shelf.
The company has a strong management team with managing director Kenneth Pereira having 22 years of experience in
the oil and gas industry with stints as the managing director of Mumbai listed Interlink Petroleumand chief operating
officer of SapuraCrest Petroleum Berhad.

...continue

More about VIC/P57

Jul 5th 2012

3D Oil in advanced talks over VIC/P57 deal

Gippsland Basin focused 3D Oil (ASX: TDO) is confident of reaching a
transaction that will allow it to progress development of its VIC/P57 permit offshore Victoria.
The permit holds the West Seahorse oil field, which can be developed
economically even at its conservative 1C contingent resource estimate of 4.2 million barrels of oil.
It also contains a number of other prospects and leads of which Sea Lion and Felix are the top-ranked candidates that could be developed independently or jointly with West Seahorse in the event of a success.
3D Oil is currently at an advanced stage of negotiations to facilitate a potential transaction for VIC/P57. This includes the provision of detailed due diligence information, value negotiations and documentation.

The company is taking financial advice from Lion Capital Advisory and Baker & McKenzie is providing legal advice. West Seahorse 3D Oil believes the West Seahorse field, which was discovered in 1981, can be
developed as a subsea project with initial production of over 7000 barrels per day (bpd) of oil.
Oil and any associated will be transported to shore by a 14 kilometre pipeline before travelling along an additional 19 kilometre onshore pipeline to a new oil processing plant.
Besides the discovery well flowing 1800bpd of light 48 degrees API oil, West Seahorse has been proved up by two appraisal wells with the West Seahorse-2 providing controls on the extent of the reservoir while 3D Oil's West Seahorse-3 intersected an 8 metre oil column with excellent porosity. The field is also close to producing oil and gas fields in the Gippsland Basin, one of Australia's most prolific petroleum provinces.
Notable examples include ExxonMobil's A$4.4 billion Kipper-Tuna-Turrum project where first oil is expected this year
and gas production targeted for 2016.
Sea Lion and Felix
Further upside in VIC/P57 has been identified following the reprocessing of 500 square kilometres of 3D seismic data
with Sea Lion and Felix ranked as the best prospects.
Sea Lion has prospective resources of 20.7 million barrels of oil in the same reservoir units as at West Seahorse and
upside potential in excess of 32 million barrels.
Felix has potential in the Lower Latrobe Group, which has been confirmed as an exciting gas play in recent years with
the Longtom and Grayling fields being discovered in recent years, as well as being located within an established oil
production fairway between the Moonfish oil field and the Wirrah discovery and has the potential to contain over 100 million barrels of oil.

Here is some of the info:

Tue, 16th April 2013
3D Oil, Hibiscus Petroleum Decide On Offshore Development For West Seahorse
By Proactive Investors April 16 2013

3D Oil (ASX: TDO) and partner Hibiscus Petroleum Berhad have decided on the use of a leased Mobile Offshore Production Unit (MOPU) to develop their West Seahorse oil field in VIC/P57, offshore Victoria.
Front End Engineering Design (FEED) for the development has started with the contract awarded to Melbourne-based engineering giant WorleyParsons (ASX: WOR). The joint venture had previously received favourable responses from early discussions with project financiers and will now proceed to formalise project funding arrangements. These are expected to be predominantly project debt and some additional equity. 3D Oil expects the joint venture to make a final investment decision immediately after it receives regulatory approval, which is expected in the fourth quarter of 2013. First oil is scheduled to begin in the first quarter of 2015.
West Seahorse
The West Seahorse development will consist of production via the leased MOPU in to a leased tanker serving as a floating storage and offloading vessel, enabling crude oil sales both locally and internationally.
Two production wells will be drilled prior to arrival of the MOPU, which is a modified jack-up drilling rig fixed to the seabed at the West Seahorse field location for the life of the project.
The MOPU will include processing facilities to remove associated gas and water, to stabilise the crude oil, and export the stabilised crude.
Produced gas will be processed and utilised for fuel gas and enhanced recovery (gas lift) with the remaining gas being flared.
Produced water will be treated to regulatory requirement quality and disposed overboard.
Field life is expected to be between four to five years, depending on factors such as operating costs and oil prices.
Initial production rates are expected to be as high as 12,000 barrels of oil per day. West Seahorse has Best Estimate Contingent Resources of 9.2 million barrels of recoverable oil.
Drilling and Exploration
The joint venture is currently in advanced discussions with other operators in the region with the view of forming rig club to mobilise a jack-up drilling unit into Bass Strait in the coming summer season.
These will allow for shared mobilisation costs and improved rig service costs due to the increased efficiency of a multi-well/multi-operator drilling campaign. 3D Oil expects to drill the West Seahorse Field in either the first or second quarter of 2014. The JV is also considering drilling an additional exploration well during this drilling campaign. The current preferred prospect is Sea Lion due to its strong prospectivity and its proximity to West Seahorse, which could potentially allow a Sea Lion discovery to be produced via the West Seahorse infrastructure.
Sea Lion is estimated to hold Prospective Resources of 11MMbbl of oil. Hibiscus Hibiscus Petroleum is contributing a total of A$27 million towards development of the West Seahorse field to earn a 50.1% operating stake in VIC/P57. The Malaysian company has also subscribed for 30.96 million 3D Oil shares for A$2 million, giving it a 13% interest in 3D Oil.
Upon production, Hibiscus Petroleum will preferentially receive 74.9% of Petroleum produced from the permit until the sale revenue equals the amount funded by Hibiscus Petroleum. Thereafter, each party will receive cash flows equivalent to their participating interest in the producing asset.
3D Oil had $2.86 million in cash as of 31 December 2012.

I have a feeling they purposely push down the price to scare people before drilling date is announce. This is an opportunity to buy at low price.

Hi elmo999, what is the percentage shares float in the market fot this counter?

I do. I find Rex International have more potential than Hibiscus.

Sorry about that

Fortunebull, now you got it right. All this while you told us that you have friend working in Hibiscus but some info you post tak accurate. Sometime i also wonder where you get those info but now all clear. Now just wait for next weekend for Hibiscus to announce the drilling date. Thank anyway.

Drilling will definitely be this quarter. Wait for announcement.

Below is the announcement made my Hibiscus on 19 August 2013

Hibiscus Petroleum Berhad (Hibiscus Petroleum) today announced that its jointly-controlled entity, Lime Petroleum Plc (Lime), through its subsidiary Masirah Oil Limited (Masirah), has awarded a drilling rig contract to Aban 7 Pte Ltd (Aban) for the execution of its drilling programme in the company’s Block 50 Oman concession.

That right. End result everyone wants to make money. What most important is that we need to provide proper info so that everyone can share.

Flowerpower, i believe in you. Save your energy. Get more rest. I personally wrote to Hibiscus CFO and she have already reply my mail saying that they will make official announcement when drilling start. Anyone can write to Hibiscus to get actual info as far as it is not insider info.

flowerpower thanks for the info. i also have the feeling that the rig is still in India.

i think they have wrongly update and they notice today and quickly change back. this is common human error. no worry

thank BigRedFlower888 for sharing the info, i guess Hibiscus have not start drilling the felix, the article dated Dec 2012. Thank again

Fortunebull please don't boost around with your insider news. i have wrote to their top admin people earlier last week and the replied i got was that they will make an announcement on the date of commencement of drilling.

Fortunebull, so what's your info. if base on your earlier posting which state Hibiscus will be making announcement in 3 weeks time, which means it could be still parking at India. Or drilling have started and hibiscus will be making an announcement in 3 week time to tell us, hit oil or hit mud.

Rig data shown Aban VII operating status is "Drilling" and the operator is Lime Petroleum Plc. So which is which now. Two different info. One data shown the rig in still park at India and another data shows already drilling. Very kepala sakit

Hi BigRedFlower888, hope you don't mind sharing the info about Felix drilling article. Where can i find it? Thanks.

Maybe waiting for official PO or downpayment belum dapat, so tidurlah dekat India dulu or Maybe man power no enough in Hibiscus. Just joking.

!My guess is drilling rig (Aban 7 not available), existing client extended their contract. Drilling have to postpone until rig is available.

Fram, Loyz and Rex JV bare fruits. They find oil in Dakota and Whitewater. This means Rex software works.

Here is the announcement from Loyz:

Loyz Energy draws first oil in the US, one year after
inking its landmark E&P deal


-Milestone underlines the Group’s mettle and competency as a fullfledged
independent E&P player

-Loyz Energy will step up the pace as it brings other concessions to
production and selectively adds more producing assets

Just over a year after concluding its largest exploration and production (E&P) deal, Loyz
Energy Limited (Loyz Energy or the Group), a relatively young Singapore-based upstream
energy group, has drawn first oil in North Dakota and Colorado in the United States of
America (US), where it is currently far progressed into the first leg of its well-drilling
campaign.
The onshore drilling programme represents the Group’s first foray into the US and is part
of a landmark participation-and-exploration agreement covering almost 60,000 acres of
exploration and production leases owned by Fram Exploration ASA within the resourcerich
plains of North Dakota and Colorado. The aforesaid agreement provides the Group
with a 20% share of net revenue interest for each producing well.
Mr Adrian Lee, the Group’s Managing Director, said: “We have demonstrated that Loyz
Energy has the know-how and proficiency to manage the entire E&P process, from
exploration to the eventual production of hydrocarbons.
“The first well was spudded in North Dakota on 7 May 2013. Production flow is already
underway in the Schlak #3 well in North Dakota, where initial flow tests indicate varying
flow rates up to 50 barrels per day. In Colorado, two deviated wells have been drilled in the
Whitewater area, namely the Mansur 33-1-N and Mansur 33-1-L wells. Initial electric logs
show gross potential pay intervals of up to 90 feet in each well. Flow tests are being carried
out now and will continue over the next few weeks, the results of which will be announced
in due course.”

Mr Lee noted: “We will now press forward with field development of the discovery in the
Schlak area, as well as the South Greene discovery, both in North Dakota. We are currently
analysing the best approach to exploit the discoveries, applying state of the art technologies
and industry practices. We are especially excited about log readings, which show a
potentially significant discovery in the Spearfish formation. Our first priority is to turn the
discoveries into producing assets and then use the ensuing cash flows to increase the pace
of development as we bring our other fields into production and add more producing
assets to our portfolio.”
Loyz Energy’s strategy to build a balanced portfolio of exploration and producing
concessions is manifested in the awarding of its most recent petroleum service contract for
Area 14 in the East Palawan Basin, located offshore the Philippines.

Understand Fortunebull .

Agreed with you, Fortunebull. Since you have a friend working in Hibiscus, mind sharing some info?

Look like Rex shareholder not happy with the plan, keep issuing private placement. The same goes with Hibiscus, issue CRPS (convertible Redeemable Preference Share) one after another. Really abang adik.

Then Hibiscus should make an announcement soon. Question : After announcement, share price will go up or down?

Hi almufathal, actually drilling not yet start, hibiscus will make proper announcement when date near to drilling.

Hi fortunebull, share arrangement between Farm and Rex already announcement last week.

Lets guess, i can think of few
1. Found major partners to do farm-in on Sharjah UAE (OOIP of 2.5 bil barrel)
2. Found oil in Dakota or Whitewater in USA using REX Virtual Drilling software (JV with Loyz and Fram to drill 80 well
3. Major oil company sign agreement with Rex to use Virtual Drilling software
4. Buy into production concession
5. Announcement of drilling date in Oman

announcement will come out once trading resume

Halt trading

Rex International Halt this morning, hope something good is coming out

Not really, only a bit bit