Rexonic Secures $10m NOC Contract

Rex International Holding Limited, one of the largest companies listed on the Catalist of the Singapore Exchange Securities Trading Limited, is pleased to share that a 100 percent subsidiary of Rexonic AG, in which the company holds an indirect 66.7 percent stake, has secured a first and ground-breaking contract with a reputed and large National Oil Company (NOC). The contract is expected to start in end 2014 and the contractual value is approximately $10 million if fully executed over the next 24 months. Rexonic will provide its unique environment-friendly, ultrasonic well stimulation technology on selected wells owned by the NOC. The start of the contact is dependent on, amongst other things, the arrival of third party technical components.
 
Peter Spenger, Executive Chairman of Rexonic, said, “We are pleased and excited over this important milestone in the development of Rexonic. We look forward to update the markets more in detail once execution has started and the first couple of wells have been treated.”
 
 Dan Broström, Executive Chairman of Rex International Holding, said, “We are heartened to see the fruition of Rexonic’s commercialisation plans, following months of hard work by the management team. A first contract with an NOC is a notable achievement for Rexonic, as the potential for an expansion in the scope of coverage for the well stimulation technology is promising. Synergies with Rexonic’s technology, such as using Rex Virtual Drilling to prioritise which production well to stimulate first, can be further progressed. We can also tap on each other’s business network to further grow our respective portfolios.”