REX VIRTUAL DRILLING Rex Virtual Drilling ("RVD"), the Group’s proprietary liquid hydrocarbon indicator, is developed by Rex Technology Investments Pte. Ltd., an indirect wholly-owned subsidiary of the Group. RVD uses conventional seismic data to extract information about the presence of reservoir rock and liquid hydrocarbons. Seismic data is the conventional technology used by the oil industry to image the subsurface and guide in the exploration and production decision-making process. Seismic data is collected by shooting acoustic energy – sound pulses – into the ground and listening to the responding acoustic signals as the sound pulses interact with liquid and rock layers. Although seismic data has been used by the exploration industry for almost a century, identifying reservoir rock and liquid types remains very difficult, which is why global average oil exploration success rate remains at only about 10 to 15 per cent. With RVD, the exploration success rate can be increased. RVD processes and extracts information from seismic data using unique algorithms that create 3D maps that show correlation with the presence of oil in the ground. The data is then used together with conventional sub-surface analysis to assess how it fits in a geological setting, providing guidance for better decision-making. The efficiency of RVD has been extensively tested in blind tests, live tests and actual drilling campaigns since 2009. Since its inception, the technology has undergone several revisions and improvements to refine its predictive capabilities. With the support of RVD, the Group has achieved four commercial oil discoveries in Oman and Norway over the years. The Group has been using the RVD technology extensively to de-risk farm-in opportunities and to select licences to apply for in Norway’s Awards in Predefined Areas (APA) rounds. The technology has allowed the Group’s exploration geoscientists to focus on licences with RVD support and discard areas without, building up a portfolio of both discoveries and high potential prospects. The technology has also proven to be highly accurate in predicting dry wells. By incorporating RVD into existing de-risking processes, oil exploration companies can increase the chances of finding oil whilst saving millions of dollars in futile capital expenditure drilling dry wells. The balanced integration of RVD with traditional geological models and geophysics attributes continues to be a core R&D effort for the Group’s exploration and development teams. Image: RVD results demonstrating increased values of dispersion higher up in structure, towards pinch-out. High chance of oil at the structural high and water further downdip. Possible approximate oil-water contact identified. Weak dispersion downdip - likely water-wet reservoir Strong dispersion towards updip pinchout - good correlation with oil DEGREE OF DISPERSION RESERVOIR CONTENT HIGH OIL OR WATER-WET RESERVOIR LOW WATER-WET OR NO RESERVOIR Annual Report 2024 4 6
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