Rex International Holding Limited, an oil exploration and production company, announced its financial results for the first half of FY2025, revealing a revenue of $154.5 million. This figure shows a slight decline from the $158.67 million reported in the same period last year. Despite the stable revenue, the company experienced a loss after tax of $29.65 million, attributed mainly to tax expenses and non-cash items such as depletion and impairment losses.
The company’s production averaged 11,208 barrels per day in the first half of 2025, an increase from 10,934 barrels per day in the previous year. However, the revenue was impacted by a decrease in average crude oil sale prices. John d’Abo, Executive Director and Chairman of Rex, noted that the increased volume of oil lifted and sold resulted in higher depletion costs, amounting to $50.71 million.
Looking ahead, Rex plans to ramp up drilling and production activities in Oman, Norway, Germany, and Benin. The company is also exploring debt financing alternatives to support these initiatives. Lime Petroleum Holding AS, a subsidiary, raised approximately $9.17 million through bonds listed on the Oslo Stock Exchange to aid financial independence.
Rex remains committed to expanding its production and reserves portfolio. In Norway, the company is involved in a drilling campaign at the Brage Field, whilst in Benin, its subsidiary has commenced drilling in the Sèmè Field. Plans are also underway for drilling in Germany’s Erfelden area, aiming to boost production by early 2026.
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