News listings

energy-pedia general news

Trinidad flagTrinidad

South America / GoM >>> Trinidad

Trinidad: Rex International divests stake in Steeldrum Oil Company

09 Oct 2018

  • Divestment of non-core assets in Trinidad adds US$1.54 million in liquid assets
  • Divestment has potential upside with additional deferred consideration
  • Continued focus to bring core assets in Oman and Norway into production
Photo - see caption

Rex International Holding has divested its indirect holdings in Steeldrum Oil Company in Trinidad & Tobago, an available-for-sale asset of the Group. This is in line with the Group’s strategy to focus its efforts on bringing its oil discovery assets in Oman and Norway to production in 2019 and 2020 respectively.

On 16 July 2018, the Company announced that its indirect wholly-owned subsidiary Rex Caribbean Holding (RCH) and the other shareholders in Steeldrum had signed a Sale and Purchase Agreement ('SPA') to sell their respective stakes in Steeldrum to Columbus Energy. Rex held a 25.72% stake in Steeldrum, which had been reclassified as an available-for-sale investment of the Group since December 2016. The Company announced the completion of the transaction in a separate announcement dated 8 October 2018.

Mr Dan Broström, Executive Chairman of Rex International Holding, said:

'The proceeds received thus far from the Steeldrum transaction is an aggregate 28,077,549 Columbus Shares with a value of approx. US$1.54 million. This is higher than our book value of RCH’s holding in Steeldrum of US$1.11 million as at 30 June 2018. There may be further upside for additional deferred consideration (based on Columbus’ closing share price of GBX 4.20 and an exchange rate of GBP 1 : USD 1.306 as at 5 October 2018) if certain events relating to the Cory Moruga and Innis-Trinity fields as contemplated under the SPA materialise. The divestment is in line with our strategy to focus on our core assets and strengthens our financial position as we continue to focus and invest to bring our assets in Norway and Oman into production.

Original article link

Source: Rex International

Bookmark and Share

A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.

Subscriber Only Deals

Current Deals

Current Upstream Deals: 278

Completed Deals

Completed Upstream Deals: 6425

Company Profiles

Current Company Profiles: 2872

Corporate Activity

Current Corporate Activity articles: 4008

Companies Looking

Current number of articles: 461

Company Sales

Current Company Sales articles:1610


Current Geostudies articles: 907

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...

energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...

energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...


Subscribe to the FREE
energy-pedia Daily Newsletter

Telos NRG
Government of South Australia
Union Jack Oil 149
Rose & Assocs 180
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans

Tel: +44(0)1727 822675