Rex Reports Increased Revenue, Strong EBITDA & Cash Position in FY2022

Source: 3/1/2023, Location: Middle East

• Revenue of US$170.3 million
• Adjusted EBITDA* of US$61.7 million
• Profit after tax of US$0.4 million
• Strong cash position with cash, cash equivalents, quoted investments totalling US$138.8 million as at 31 December 2022
• Yme Field: Acquisition completed on 31 December 2022 will contribute to the Group´s oil and gas production going forward
• Proposal for ordinary dividend of S$0.005 per share payable in May 2023, possibility to add additional interim dividend later in 2023

Rex International Holding Limited (“Rex International Holding”, “Rex” or the “Company”, and together with its subsidiaries, the “Group”), an oil exploration and production company, today announced its financial results for the year ended 31 December 2022 (“FY2022”). After the finalisation of the unaudited interim condensed FY2022 financial statements, the Company refers to its 21 February 2023 profit warning announcement and wishes to clarify that the Group is in a profitable position for FY2022. The Group recorded profit after tax of US$0.4 million in FY2022, as compared to profit after tax of US$78.9 million in FY2021. For FY2022, the Group recorded revenue of US$170.3 million, from the sale of crude oil from the Yumna Field (after the Oman government take) and the Brage Field. This was a 7.5 per cent increase from revenue of US$158.4 million in the year ended 31 December 2021 (“FY2021”). Adjusted EBITDA* for FY2022 was a positive US$61.7 million, as compared to Adjusted EBITDA of US$111.2 million in FY2021.

As at 31 December 2022, the Group’s cash and cash equivalents and quoted investments totalled US$138.8 million (31 December 2021: US$86.9 million); with cash and cash equivalents at US$115.8 million (31 December 2021: US$60.6 million); and quoted investments at US$23.0 million (31 December 2021: US$26.3 million).

Mr Dan Broström, Executive Chairman of Rex, said, “The Group’s revenue in FY2022 was higher than that in FY2021, due to the inclusion of oil liftings from the Brage Field in Norway and an increase in the average realised oil price for the sale of crude from the Yumna Field in Oman, from US$67 per barrel in FY2021 to US$88 per barrel in FY2022. The increase in revenue was partially offset by a decrease in the volume of oil lifted and sold from the Yumna Field in FY2022, due to production stoppages for the planned major change-outs and upgrades of production facilities from February 2022 to April 2022 and unforeseen operational issues in June and November 2022 in both Oman and Norway. These factors, including impairment of exploration and evaluation assets resulting from the relinquishment of three assets in Norway, contributed to the decrease in Group’s FY2022 profit after tax. Nonetheless, the Group posted a strong positive EBITDA, positive cash flow and strong cash position for FY2022.”

“As previously shared, the planned major change-outs and upgrades of production facilities in Oman were necessary and the operational issues in 2022 have been resolved. With the addition of the Yumna 4 producer well in January 2023, the Group is looking to bring production up from 2022 levels, a natural decline in production in the earlier producer wells notwithstanding.”

“The contribution to revenue from the Brage Field in Norway in FY2022 underscores the importance of geographical diversification for the Group. Our 91.65 per cent subsidiary Lime Petroleum AS’s acquisition of a 10 per cent in the producing Yme Field for US$84.33 million was completed in December 2022. Production from Yme will contribute to the Group´s results going forward. Lime Petroleum AS has net 2P reserves of 5.5 mmboe1 in the Yme Field and 7.3 mmboe2 in the Brage Field,” Mr Broström added.

The Board is recommending a final dividend of S$0.005 per ordinary share for the financial year ended 31 December 2022, payable in May 2023. The expected record date and expected payment date will be announced together with the upcoming notice of annual general meeting. The Board may consider paying an additional interim dividend, subject to the Company’s performance based on the financial results for the half year ending 30 June 2023 (1H FY2023).

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