Singapore's Rex Int'l to focus on key assets in Oman
Date
8/23/2015 4:15:23 AM
(MENAFN) Singapore's Rex International Holding Limited announced that it plans to reduce capital investments and focus on key discovery assets in Oman and Norway to preserve cash due to the downturn in oil prices.
The Company is making organizational changes to boost its management bench strength, especially in the area of geology and geophysics, as well as to reduce operating costs.
"First, the Company has zero debt. Second, as at June 30, our liquid assets comprising cash and cash equivalents and quoted investments were $USD96 million," CEO of Rex International Holding said.
"Even though our oil production operations are very small, Rex's share price has been impacted by the volatility of oil prices," the CEO added in the statement.
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