Rex International Holding Limited provided group revenue guidance from 2018 and going forward. The company is targeting substantially higher revenue from 2018 and going forward, as part of its value creation strategy for its key discovery assets in Norway and Oman and its proprietary Rex Virtual Drilling (RVD) technology.

The company also announced that an appraisal well is to be spudded in the Edvard Grieg South (Rolvsnes) prospect in Norway in the first half of 2018 and if successful, would be tied back to the existing Edvard Grieg production platform for test production. Appraisal efforts are also ongoing in Oman. The company had shared that development feasibility studies were being carried out on the Edvard Grieg South (Rolvsnes) (EGS) discovery in licence PL338C made in December 2015. An appraisal well is scheduled to be drilled by the end of the second quarter of 2018 to better understand the reservoir. If drill stem tests are positive, the well will be tied back to the Edvard Grieg platform for test production in 2020. A Gaffney, Cline & Associates (GCA) Qualified Persons Report (dated 10 March 2017) disclosed GCA's independent assessment of gross contingent resources attributable to the PL338C licence, on an unrisked basis, of up to 77.9 million barrels of oil (3C resources: high estimate of potentially recoverable oil from the discovery) and up to 78.7 billion standard cubic feet of natural gas (3C resources: high estimate of potentially recoverable gas from the discovery). The evaluation of the development programme for the GA South#1 discovery in Oman is ongoing and will continue until the first quarter of 2018. Should the evaluation be positive, an appraisal well is targeted to be drilled before the end of 2018. Should the appraisal well be successful, the company will target production from GA South#1 as soon as practically possible.