Rex International Holding Ltd. · SGX:5WH
Rex International — Investor Presentation (August 2021)
24 slides from Rex International's investor presentation, Aug 19, 2021
Slide 1: From Oil Explorer to Producer - Rex International Holding
Slide 2: Disclaimer
DISCLAIMER The information contained in this presentation has not been independently verified. Rex International Holding Limited (the “Company”) and its representatives assume no responsibility or liability whatsoever (in negligence or otherwise) for, the accuracy or completeness of, or any errors o
Slide 3: Company Highlights: 1H FY2021 Financial Results
COMPANY HIGHLIGHTS 1H FY2021 FINANCIAL RESULTS USS million 1H FY2021 1H FY2020 75.76 1457 +420% Profit/ (loss) after tax 27.72 (23.03) +220% EBITDA 45.63 (14.63) +412% EBITDA: earnings before interest, taxes, depreciation, and amortisation = Operational revenue of USS75.76 million net of government
Slide 4: Company Highlights: Room for Value Upside
COMPANY HIGHLIGHTS ROOM FOR VALUE UPSIDE rc ~) Focus Oman and Norway where fiscal conditions are favourable J ~ (. Market value disconnected from inherent value - currently trading at c. 1.11x book value* Value = Strong cash position with cash, cash equivalents, quoted investments and receivables (l
Slide 5: Oman: More Oil to Be Produced and Sold at Higher Prices
OMAN 2021: MORE OIL TO BE PRODUCED AND SOLD AT HIGHER PRICES 21 Feb 2020: USS58.50 23 Jan 2021:Yumna2 starts production 12 Feb 2020: 18 Feb 2021: 50 First oil in Oman) Yumna 3 starts from Yumna 1 production 31 Dec 2020: US$51.80 PRODUCTION USS42.50 As at 30 June 2021, cumulative >4 mmbbis of oil hav
Slide 6: Oman: Reserves and Prospective Resources
OMAN RESERVES AND PROSPECTIVE RESOURCES p.6 Gross Oil Naa Unrisked Gross R Licence Inveetnated Prospective eSeIvcS 9 Resources (P50) (2P) Percentage held by Masirah O71 Attributable to Rex (86.37% in Masirah Oil) | To be further explored 8.6 MMstb! 7.43 MMstb Yumna Field + 2.12 MMstb 100.00 + 1.83 M
Slide 7: Norway: Reserves and Contingent Resources
NORWAY RESERVES AND CONTINGENT RESOURCES Unrisked Gross Gross Contingent Attributable Percentage Potential Attributable to Rex Reserves! to Lime Field / Licence | Area Investigated | Prospective Resources held by Lime Resources y (P50) (740) (90% in Lime) Brage discovery - - 33.84" 21.52 MMboe ~7.3
Slide 8: Strategy to Develop Resources into Reserves
STRATEGY TO DEVELOP RESOURCES INTO RESERVES Project Maturity Range of Uncertainty el p.8 PRODUCTION Sub-classes 7 On Production = = g Approved for 2 g Development ale] s a]als Justified for <]z Development a|o Z/6 Development Pending = |8] 2 z/°)] 2 Development On Hold = g CONTINGENT 2 2 RESOURCES D
Slide 9: Norway: Discovery Assets with Value Creation Potential
NORWAY DISCOVERY ASSETS WITH VALUE CREATION POTENTIAL Rex International Investments: 90% interest in Lime Petroleum AS (“LPA”), which is eligible for attractive tax incentives of 78% exploration cash refunds PL338C ROLVSNES PL838/B SHREK PL263D/E/F APOLLONIA PL1125 FALK/LINERLE (SIERRA) = 2019: 30%
Slide 10: Acquisition of 33.84% in the Producing Brage Field
NORWAY ACQUISITION OF 33.84% IN THE PRODUCING BRAGE FIELD IN NORWAY KEY TAKEAWAYS The transaction consideration of US$42.6 million includes deferred tax assets which are recoverable for Lime Petroleum Production from the Brage Field of estimated 3,440 barrels of oil equivalent per day (net) will add
Slide 11: Business Diversification: Acquisition of 40% in Drone Company Xer
BUSINESS DIVERSIFICATION ACQUISITION OF 40% IN COMMERCIAL DRONE COMPANY XER KEY TAKEAWAYS ° USS1 million for a 40 per cent interest in Xer, and a commitment to inject up to USS3 million in Xer, subject to the achievement of certain technical and sales milestones by Xer within the next 18 months. . R
Slide 12: Group Financial Position
GROUP FINANCIAL POSITION =" te) Incoming funds expected from: = Group: No long-term debt in listed Group: cash, cash equivalents, quoted = Oman: Oil sales from the Yumna Field company and Masirah Oil Ltd investments and receivables (less Omani government's share) totalling US$84.54 = Oman: Cost reco
Slide 13: Rex International Holding: Share Facts
REX INTERNATIONAL HOLDING Listing on Catalist 31 July 2013 SGX / Bloomberg Stock code SWH / REX:SP SHARE FACTS PUBLIC FLOAT Share price @ 18 August 2021 SGD 0.194 as at 8 Mar 2021 55.38% Number of shares 1,302,320,991 Market capitalisation SGD 252.65m MAJOR SHAREHOLDERS Avg daily trading vol. since
Slide 14: Oil Demand Outlook
OIL DEMAND OUTLOOK 9. 14
Slide 15: Closing Demand and Supply Gap Supports Oil Prices
CLOSING DEMAND AND SUPPLY GAP SUPPORTS OIL PRICES World liquid fuels production and consumption balance million barrels per day 105 world production forecast 100 95 world consumption 90 85 80 uy — J oo © arazasasataza3 ala ladlas Q4Q1 aziasiadat Q2Q304Q1 a2ias Q4.Q11Q2Q3,Q4 2016 2017 2018 2019 2020
Slide 16: Crude Oil Futures Prices Bode Well for 2H 2021
CRUDE OIL FUTURES PRICES BODE WELL FOR 2H 2021 Figure 1. Crude oil front-month futures prices dollars per barrel 80 70 60 50 40 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 — WTI crude oil — Brent crude oil Sou Graph by EIA, t CME Group and Intercontinental Exct Gia Note wrest Texas Intermedia U
Slide 17: Key Asset Factsheets
KEY ASSET FACTSHEETS
Slide 18: Oman: Block 50
OMAN BLOCK 50 OMAN Rex Oman: 86.37% interest in Masirah Oil Ltd Gulf of Masirah, east of Oman ~17,000 sqkm, 23 times the size of Singapore AWARDS 2014 "Offshore Discovery of the Year" award in Oman 2021 development iy) and exploration drilling campaign completed 2021 upgrade of Y) production tiquid
Slide 19: Discovery Licences - PL1125 Falk/Linerle
NORWAY DISCOVERY LICENCES - PL1125 FALK/LINERLE INTEREST OKEA ASA (Op): 50.00% Lime Petroleum: 50% Norwegian Sea 61.14 sqkm VALID UNTIL 19 Feb 2024 GROSS 2C RESOURCES 49 MMboe = The Falk discovery was made in 2000. = Lime Petroleum is working with the operator towards a decision to commercialise the
Slide 20: Discovery Licences - PL433 Fogelberg
NORWAY DISCOVERY LICENCES - PL433 FOGELBERG INTEREST Spirit Energy Norway AS (Op): 51.70% PGNiG Upstream Norway AS: 20.00% DNO Norge AS: 15.0% Lime Petroleum: 13.30% Norwegian Sea 79.54 sqkm VALID UNTIL 16 February 2042 GROSS 2C RESOURCES 28.63 MMboe p. 20 a o 11 = April 2021: Lime Petroleum signed
Slide 21: Discovery Licences - PL838 Shrek
NORWAY DISCOVERY LICENCES - PL838 SHREK INTEREST PGNiG Upstream Norway AS (Op): 35.00% Aker BP ASA: 35.00% Lime Petroleum: 30.00% LOCATION Norwegian Sea 125.362 sqkm VALID UNTIL 05 August 2023 GROSS 2C RESOURCES 23.00 MMboe 6507/1 6507/6 6507/9 p. 21 October 2019: The Shrek discovery was made. March
Slide 22: 2021 Exploration - PL937/B Fat Canyon
NORWAY 2021 EXPLORATION - PL937/B FAT CANYON INTEREST INEOS E&P Norge AS (Op): 85.00% Lime Petroleum: 15.00% LOCATION Norwegian Sea PL937: 315.942 sqkm PL937B: 52.967 sqkm VALID UNTIL 2 March 2024 HSEQ SYSTEM = Health, Safety, Environment and Quality (HSEQ) management system reviewed; = Rig to be us
Slide 23: Producing Brage Field
NORWAY PRODUCING BRAGE FIELD INTEREST Wintershall (Op): 35.20% Lime Petroleum*: 33.8434% DNO: 14.2567% Var Energi: 12.2575% Neptune: 4.4424% LOCATION North Sea VALID UNTIL 6 April 2030 GROSS 2P RESERVES 49 MMboe *Completion of Acquisition expected in 2H2021 p. 23 According to the Norwegian Petroleum
Slide 24: Contact
CONTACT INVESTORS AND MEDIA Ms. Mok Lai Siong Email: ir@rexih.com COMPANY ADDRESS Rex International Holding Ltd 1 George Street #14-01 Singapore 049145
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