Rex International Holding Limited has appointed Nordic independent investment bank ABG Sundal Collier as financial adviser to review non-dilutive financing options and conduct fixed income securities meetings for Rex’s 92.65 per cent subsidiary Masirah Oil Ltd (“MOL”), to fund oil production activities at the GA South#1 discovery offshore Oman. The discovery is located in licence Block 50 held 100 per cent by Rex’s 92.65 per cent subsidiary Masirah Oil Ltd (“MOL”).

Mr Dan Broström, Executive Chairman of Rex International Holding, said, 
“We want to be prudent with our use of equity and explore other forms of financing options such as bonds for Masirah Oil Ltd so as to optimise the use of our capital. The Group is keen to tap on ABG Sundal Collier’s more than 30-year transaction experience and broad financial and industrial network for financing solutions that would work well for Masirah Oil Ltd. We continue to progress on our plans to bring our assets in Oman and Norway into production in 2019 and 2020 respectively. ”

About the GA South#1 discovery
The GA South#1 discovery was made in 2014, and is the first ever offshore discovery east of Oman. The Group targets to achieve first oil production in Oman in the second half of 2019. The Group currently holds indirectly a 92.65% stake in Masirah Oil Ltd, which holds a 100% interest in the almost 17,000 sq km Block 50 Oman concession. Masirah Oil Ltd’s final plan and execution thereof are subject to government approval.