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Even though Rex International has only an operating track record of two years and has yet to generate revenue, pre-IPO investors were so convinced by its story that they extended convertible loans of S$35.2 million to fully fund its first two years of drilling operations in the US.
These investors include Tan Fuh Gih (tycoon Tan Kim Seng’s younger brother), Kingston Kwek (tycoon Kwek Leng Beng’s son), Tan Chin Hwee (partner of leading alternative fund management group Apollo) and 2G Capital chairman Tommie Goh (founder of JIT).
Schroders, Pareto Growth Fund, Staur Private Equity, Holberg Funds and Clements Capital are also vested in the company.
“We are going for the big offshore finds and that programme starts now, with Oman,” said executive chairman Dan Brostrom during an exclusive interview with NextInsight.
Disappointment! Rex share price has weakened this morning! does their technology work well or not?
Masirah Oil Limited (“MOL”), a 64% owned subsidiary of its jointly-controlled entity, Lime Petroleum Plc (“Lime”), has suspended, for safety reasons, its first exploration well, Masirah North North #1 (“MNN #1”) in Block 50 Oman for further evaluation. The MNN #1 well was drilled to a total depth of approximately 1,000 metres below mean sea level.
Mud losses in two carbonate sections of the well prevented MOL from reaching its planned target depth. A comprehensive data acquisition coring and logging programme of the formations that were drilled was completed on 21 December 2013.
Data analysis indicates presence of non-commercial hydrocarbons. Datasets acquired from the coring and logging programmes are now being utilised to refine the geological understanding of the area. In addition, the information acquired has assisted all partners in the Oman Block 50 project to identify a second exploration well as the next drilling location. It is anticipated that drilling at this location will commence within the next two weeks.
I feel some big holders were accumulating ahead of the Oman result announcement..... and now have to cut loss of Rex because there is a selldown on negative news on the Oman drilling.
Sharing what Sebastian Chong of shareowl.com wrote on 22 Dec 2013:
" I have increased my exposure from 2.5% to 5% of portfolio value. I like Rex’s business model which invests in a diversified basket of minority stakes in business ventures with established industry players in politically stable countries all over the world. Their business model limits their financial commitments in an otherwise capital intensive exploration and production industry. Investors should take note that Rex has not even earned its first revenues, let alone profits. It is still a wild card that should be rated as high risk high return. "
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