Attachment 1

PRESS RELEASE
Rex International Holding to enter into new E&P licences in
Trinidad and Tobago with Pareto Staur
SINGAPORE, 14 August 2013 – Rex International Holding Limited (“Rex International
Holding”, the “Company”, and together with its subsidiaries, the “Group”), one of the largest
companies listed on the Catalist Board of the Singapore Exchange Securities Trading Limited,
has today signed a term-sheet with Norwegian private equity investor Pareto Staur SPV1 AS
(“Pareto Staur”), providing the Company with access to three new onshore exploration &
production (E&P) opportunities in the island nation of Trinidad and Tobago in the Caribbean.
Rex International Holding will invest USD 9 million for a 51.99 per cent stake in Rex Caribbean
Oil Company Ltd (“Rex Caribbean Oil Company”) (“Investment”), while Pareto Staur will
invest USD 6.5 million for a 34.76 per cent stake. Other institutional shareholders will hold
12.18 per cent and Mr Geoffrey Leid, CEO-designate of Rex Caribbean Oil Company, will hold
1.1 per cent in his personal capacity.
The transaction will involve the initial investment into three E&P licenses; namely, the InnissTrinity field, the South Erin Block and the Cory Moruga Block ‘E’. These assets already have
producing discoveries and Rex Caribbean Oil Company will, after completion of the farm-in
activities, hold 100 per cent of the Inniss-Trinity field and working interest of 75 per cent in
the South Erin Block and 51 per cent in the Cory Moruga Block ‘E’. The transaction is expected
to be completed in the coming weeks and is subject to regulatory due diligence.
Rex International Holding Ltd
6 Raffles Quay #20-07
Singapore 048580
Tel: +65 6557 2477
www.rexih.com
Business Ref. No. 201301242M
The Investment will be funded internally and is expected to be a positive contributor to the
Group’s financial performance for the financial year ending 31 December 2014, and generate
positive cash flow going forward. The Group believes that the Investment will add bookable
reserves and contingent resources, which will be independently reported on in due course, to
its existing portfolio.
Mr Måns Lidgren, CEO of Rex International Holding, said, “Trinidad and Tobago is a proven
prolific hydrocarbon basin. Using the proprietary Rex Technologies, we see strong potential
for discoveries in the three fields and expedient development of existing reserves. We are very
pleased to partner with Pareto Staur, an established investor, in these opportunities. The
Investment is in line with our business strategy to add on to the Group’s existing portfolio of
reserves in regions with well-developed oil and gas infrastructures. The opportunities can be
seized based on leverage provided by the Rex Technologies. We are also delivering on our
promise to increase Rex International Holding’s current portfolio from 10 opportunities to 20
opportunities over the next 12 months.”
Mr Stig Aune, CEO of Staur Holding AS and fund manager in Pareto Staur, said, “We are very
pleased to partner with Rex International Holding in this venture. The Rex Technologies add
tremendous value to the assets and show perfect overlap between existing discoveries and
Rex Virtual Drilling oil predictions. We look forward to creating value together with Rex
International Holding over the next years, through rapid build-up of production in Trinidad
and Tobago."
About the three oil fields
Located in the south central part of Trinidad, within the Moruga district, the Antilles-Trinity
Inniss field (now renamed Inniss-Trinity field) was initially developed as two neighbouring
fields; the Innis field first drilled by Shell in 1946 and put on production in 1961 while the
Antilles-Trinity field was drilled by Texaco in 1956.
Rex International Holding Ltd
6 Raffles Quay #20-07
Singapore 048580
Tel: +65 6557 2477
www.rexih.com
Business Ref. No. 201301242M
Both fields were taken over by Petrotrin in the early 1980s, and were part of several of
Petrotrin’s onshore assets put up for bidding in the 2009 as a production service contract. The
Inniss-Trinity field is currently producing an average of 45 bopd with no new wells being drilled
since 2009. Cumulative oil production has exceeded 16.5 million barrels of oil.
The South Erin Block is located in south-west Trinidad, which is part of the highly productive
Southern Basin that geologically represents the eastern prolongation of the Eastern
Venezuelan Basin. The South Erin Block has a current production average of about 80 bopd
from four shallow wells. The 1,350-acre block, reportedly under-explored, is estimated to
have a large potential. The 1ER98 Area which constitutes only a small part of the South Erin
Block, is estimated to hold more the 20 million barrels of Oil in Place and continuous
exploration of the block will likely increase that number significantly. The South Erin Block lies
adjacent to the producing Erin/Palo Seco oilfields. An ambitious drilling campaign is planned
to start in December of this year.
The Cory Moruga Block ‘E’ field is located in the southern basin, onshore Trinidad. The 7,442acre block (gross) had 15 wells drilled in the 1950s. The current operator spudded a new well
in 2010, drilled to an approved depth of 8,600 feet. The well penetrated and encountered
hydrocarbon bearing zones in both the primary and secondary objectives in the Herrera
formation. The well produced 37 degree API gravity oil at a rate stabilising above 500 bopd.
The well is currently locked in, but will be put on production soon.
Our Non-Executive Director, Mr Bernt Østhus, has an indirect interest of 24.9 per cent in
Pareto Staur. Save for the aforementioned, none of the other Directors or substantial
shareholders of the Company has any interest, direct or indirect (other than through their
shareholdings in the Company) in the Investment.
Rex International Holding Ltd
6 Raffles Quay #20-07
Singapore 048580
Tel: +65 6557 2477
www.rexih.com
Business Ref. No. 201301242M
Negotiations for more concessions in progress
Rex International Holding is in negotiations for more concessions in Norway, selected by Rex
Virtual Drilling. The Group targets to have participation in at least 10 concessions on the
Norwegian Continental Shelf (NCS) within the next six months. Rex International Holding is
also evaluating three or more concessions in the Asia-Pacific through its subsidiary HiRex
Petroleum Sdn Bhd. Further announcements will be made when there are material
developments to these negotiations.
About Rex International Holding
Rex International Holding was listed on Singapore Exchange Securities Trading Limited’s
Catalist Board on 31 July 2013. The oil exploration and production company has access to a set
of proprietary and innovative exploration technologies, Rex Technologies, originating from the
Company’s Swedish founders. These include the game-changing Rex Virtual Drilling
technology, the world’s first direct hydrocarbon detector using seismic data, which literally
enables the Group to ‘see oil in the ground’ by pinpointing the location of oil reservoirs in the
sub-surface. Through the exploration accuracy of Rex Technologies which are applicable to
both onshore and offshore oil exploration, the oil discovery success rate is significantly
increased.
Rex International Holding holds rights to explore oil and gas in the Middle East, Norway and
the US. These offshore and onshore concessions cover an aggregate area of over 22,000 square
kilometres in regions known for previous oil and gas discoveries. Located in politically stable
countries with well-developed oil and gas infrastructures, Rex International Holding has a
portfolio of assets that is geographically diversified and consists of a good mix of both onshore
and offshore concessions.
Rex International Holding Ltd
6 Raffles Quay #20-07
Singapore 048580
Tel: +65 6557 2477
www.rexih.com
Business Ref. No. 201301242M
About Pareto Staur
Pareto Staur Energy is a private equity mandate managed by Pareto Forvaltning AS and Staur
Private Equity AS. Pareto and Staur are two successful groups with core experience in energy
and energy services.
The Pareto group has during the last 25 years become one of the leading independent energy
and energy service investment banks in Europe. Pareto was founded in 1985 while asset
management (Pareto Forvaltning) was added in 1995. The group has its headquarters in Oslo,
and offices in Stockholm, Singapore, Rio de Janeiro and New York with a shareholders’ equity
above USD 600 million. As at end 2012, Pareto Forvaltning managed about USD 3 billion in the
equity markets.
The Staur group is a Norwegian family-owned conglomerate founded in 1991 by the Østhus
family. Staur Private Equity has an excellent history from hands-on and dynamic work with a
number of businesses within oil-service, energy and food industries. Pareto Staur focuses on
industries where Pareto Staur enjoys inherent competitive advantages applying Staur´s highly
active ownership strategy.
Issued by Rex International Holding Limited
Tel: +65 8518 8945
Mok Lai Siong, [email protected]
Rex International Holding Limited (the “Company”) was listed on Catalist of the Singapore Exchange Securities Trading Limited
(the “SGX-ST”) on 31 July 2013. The initial public offering of the Company was sponsored by PrimePartners Corporate Finance
Pte. Ltd. (the “Sponsor”).
This press release has been prepared by the Company and its contents have been reviewed by the Sponsor for compliance
with the relevant rules of the SGX-ST. The Sponsor has not independently verified the contents of this press release.
Rex International Holding Ltd
6 Raffles Quay #20-07
Singapore 048580
Tel: +65 6557 2477
www.rexih.com
Business Ref. No. 201301242M
This press release has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents
of this press release including the correctness of any of the statements or opinions made or reports contained in this press
release.
The contact person for the Sponsor is Mr Mark Liew, Managing Director, Corporate Finance, at 20 Cecil Street, #21-02 Equity
Plaza, Singapore 049705, telephone +65 6229 8088.
Rex International Holding Ltd
6 Raffles Quay #20-07
Singapore 048580
Tel: +65 6557 2477
www.rexih.com
Business Ref. No. 201301242M