In a significant development, Rex has confirmed that its 90% subsidiary, Lime Petroleum, will be acquiring a 33.84% interest in the producing Norwegian Brage oil field from Repsol. The headline consideration of US$42.6m, not including a significant amount of deferred tax assets, represents an impressive valuation metric on what remains a considerable reserve base in our view. The acquisition has an economic date of 1 January 2021; therefore, Rex will book the cash flows associated with Brage so ....
28 Jun 2021
Rex International Holding* (STRONG BUY) - Accretive acquisition in Norway
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Rex International Holding* (STRONG BUY) - Accretive acquisition in Norway
Rex International Holding Ltd. (REXHF:OTC) | 0 0 0.0%
- Published:
28 Jun 2021 -
Author:
Research Archive -
Pages:
8
In a significant development, Rex has confirmed that its 90% subsidiary, Lime Petroleum, will be acquiring a 33.84% interest in the producing Norwegian Brage oil field from Repsol. The headline consideration of US$42.6m, not including a significant amount of deferred tax assets, represents an impressive valuation metric on what remains a considerable reserve base in our view. The acquisition has an economic date of 1 January 2021; therefore, Rex will book the cash flows associated with Brage so ....