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Today: Jun 14, 2024

Rex chooses London finance expert for West African oilfield venture

1 min read

TLDR: Singapore-based company Rex International Holding Limited has enlisted the help of London-based corporate finance advisor Hannam & Partners (H&P) for its recent production sharing contract in West Africa. Rex’s joint venture company, Akrake Petroleum, signed a contract for operatorship and a 76% working interest in Block 1, which includes the Sèmè oilfield offshore Benin. Akrake will utilize a low-cost production system to redevelop the field and restart production. H&P will provide Rex with corporate finance advice on the contract and potential growth initiatives for its oil and gas business.

Singapore’s Rex International Holding Limited has engaged Hannam & Partners (H&P), a London-based independent investment bank, as its exclusive corporate finance advisor concerning its recently awarded production sharing contract (PSC) for a block containing an oilfield offshore Benin in West Africa.
Akrake Petroleum, Rex’s joint venture company, signed a PSC for operatorship and a 76% working interest in Block 1, which encompasses the Sèmè oilfield offshore Benin in West Africa.
Akrake will initially redevelop the field and apply its low-cost production system comprising a jack-up mobile production unit (MOPU) and a floating storage unit (FSO) to restart production.
H&P will support Rex with strategic corporate finance advice about capital fundraising, corporate and asset transactions for this PSC in West Africa, and potentially in other strategic growth initiatives for the firm’s oil & gas business.
“Following the award of Block 1, Sèmè field in Benin, we are actively evaluating financing for organic growth and potential inorganic growth opportunities,” said John d’Abo, Rex’s Executive Vice Chairman.