Dealing, Product Financing and Custody Services, Tickrs

Tickrs

Dealing, Product Financing and Custody Services

Tickrs Financial Singapore Pte Ltd (TFS) obtained Capital Markets Services (CMS) License from the Monetary Authority of Singapore (MAS) in 2022. Product offering include stock trading services across 10 global markets, futures trading, fixed income and wealth management products offering.

Equity Bottom-Up

<ul><li>Rex International enters FY2026 at an inflection point.</li><li>The company achieved first oil at its flagship Benin asset on 16 February 2026, validating years of exploration-stage investment — yet FY2025 results reveal a balance sheet buckling under the weight of the capital deployed to get there.</li><li>Total equity has turned negative at US$94.4m, net debt has surged to US$192.4m (from US$11.9m at endFY2024), and subsidiary Lime Petroleum Holding AS (LPH) is in active negotiations with bondholders over covenant waivers and a broader strategic review.</li></ul>

Rex International enters FY2026 at an inflection point.The company achieved first oil at its flagship Benin asset on 16 February 2026, validating years of exploration-stage investment — yet FY2025 results reveal a balance sheet buckling under the weight of the capital deployed to get there.Total equity has turned negative at US$94.4m, net debt has surged to US$192.4m (from US$11.9m at endFY2024), and subsidiary Lime Petroleum Holding AS (LPH) is in active negotiations with bondholders over covenant waivers and a broader strategic review.

Rex International Holding Update : First Oil Delivered, Balance Sheet Under Stress

<ul><li>We see Rex as an attractive upstream energy name underpinned by five pillars: 1.</li><li>Core production engine with visible growth • Oman and Norway currently deliver &gt;11k boepd, providing US$300m-class annual revenue and robust EBITDA even at sub-US$70 oil.</li><li>• Near-term growth levers: o Benin Sèmè: first oil targeted Q4 2025, full-year impact in 2026.</li></ul>

We see Rex as an attractive upstream energy name underpinned by five pillars: 1.Core production engine with visible growth • Oman and Norway currently deliver &gt;11k boepd, providing US$300m-class annual revenue and robust EBITDA even at sub-US$70 oil.• Near-term growth levers: o Benin Sèmè: first oil targeted Q4 2025, full-year impact in 2026.

Rex International Holding Initiation : Discounted Barrels, Imminent Growth

External broker reports(aggregated public sources), UOB Kay Hian

UOB Kay Hian

External broker reports(aggregated public sources)

Backed by the UOB Group, UOB Kay Hian is one of Asia’s largest brokerage firms. Headquartered in Singapore, we are supported by more than 80 branches worldwide including a growing network of offices across Southeast Asia, Greater China, the United Kingdom and North America. Our global footprint and strong international presence have enabled us to feel the pulse of key financial markets and deliver incisive intelligence across industry sectors and asset classes. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>12 months after new oil production facilities were installed at the Yumna oil field offshore Oman (which is Rex International’s major cash cow), production has yet to regain the highs seen in 2021.</li><li>Instead, production remains stubbornly at 50% below change-out of the new facilities.</li><li>One year after the successful hook-up and commissioning of the new floating storage tanker and mobile offshore production unit (MOPU) at its key Yumna asset offshore Oman, production has continued to disappoint.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

12 months after new oil production facilities were installed at the Yumna oil field offshore Oman (which is Rex International’s major cash cow), production has yet to regain the highs seen in 2021.Instead, production remains stubbornly at 50% below change-out of the new facilities.One year after the successful hook-up and commissioning of the new floating storage tanker and mobile offshore production unit (MOPU) at its key Yumna asset offshore Oman, production has continued to disappoint.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Rex International - Yumna Oil Field Remains Problematic

Singapore

Rex International is a multinational oil exploration and production (E&P) company with interests in exploration and production licenses in Oman, Norway, and Benin. It also offers its proprietary Rex Virtual Drilling technology, a liquid hydrocarbon indicator. The company was founded in Singapore on January 11, 2013.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Rex International (REXI SP)

Rex International Holding Update : First Oil Delivered, Balance Sheet Under Stress

Rex International enters FY2026 at an inflection point. The company achieved first oil at its flagship Benin asset on 16 February 2026, validating...

Tickrs

Rex International Holding Initiation : Discounted Barrels, Imminent Growth

We see Rex as an attractive upstream energy name underpinned by five pillars: 1. Core production engine with visible growth • Oman and Norway...

Tickrs

Rex International - Yumna Oil Field Remains Problematic

Over the past two years, Yumna’s production has declined by >60%, with the latest May 23 data showing a 10% m-o-m decline.

UOB Kay Hian

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)