The Group’s ethos has always been rooted in technology and scientific innovation. When Rex was listed as a public company in 2013, its unique differentiating factor then was the Group’s proprietary liquid hydrocarbon indicator - Rex Virtual Drilling (“RVD”) - which the Group had been using as a de-risking tool for offshore oil exploration. The Group has since transformed from a pure oil exploration company to a full-fledged oil & gas exploration & production (E&P) company, and continues to leverage on RVD when evaluating new asset investment opportunities and making exploration drilling decisions. In 2019, shareholders at the Company’s Extraordinary General Meeting gave a resounding 99.79 per cent approval for the Group’s proposed diversification of the Group’s business into sustainable energy, sustainable solutions for materials and development, and ownership or acquisition of related technology. The proposed business diversification was made in recognition of the global trend in the energy market to move to clean and sustainable energy and the Group’s affinity to new and game-changing technology. In 2021, Rex invested in the heavy-duty commercial drone business of Xer Technologies Pte. Ltd. (“Xer”), which promotes sustainable practices for corporations and government institutions on a global scale by replacing larger and heavier modes of transport such as helicopters, trucks and sea vessels for a wide range of applications, minimising environmental impact and reducing CO2 emissions, bringing the Group a step closer towards the abovementioned approved business diversification mandate. Xer became a wholly-owned subsidiary of the Group in 2024. Rex International Holding Limited 4 5
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