THE NEXT STAGE DEAR SHAREHOLDERS, 2024 WAS A BUSY YEAR FOR REX, WITH THE COMPANY ENDING IN A STRONGER POSITION THAN AT THE START OF THE YEAR, READY FOR THE NEXT STAGE OF GROWTH IN 2025. Rex had another very busy year in 2024, with activities targeted at getting the Group ready for the next stage of growth in 2025. In Norway, we focused on organic and inorganic growth. In Oman, a multi-well campaign was conducted and a farm-out exercise initiated, even as we expanded our presence into new geographies for oil and gas – Benin and Germany. Oil prices remained stable and range-bound during the year, with Brent crude ending (US$761) near its starting level (US$751) in 2024. Reuters’ monthly poll in December 2024 showed that oil would likely trade around US$70 a barrel in 2025 on weak Chinese demand and rising global supplies, offsetting OPEC+-led efforts to shore up the market.2 Against this backdrop, the Group has already strategically raised and secured funding in 2024 for acquisition and future development of assets in Norway and Benin. The Group has also made strides on the Environmental, Social and Governance (ESG) front, clinching an interest in a carbon capture & storage licence in million in FY2024, as compared to loss after tax of US$69.36 million in FY2023, mainly due to non-cash items including i) goodwill impairment for the Yme Field transaction; ii) impairment loss on oil & gas properties; and iii) depletion from produced oil and gas properties. As at 31 December 2024, the Group’s cash and cash equivalents and quoted investments totalled US$130.17^ million (31 December 2023: US$114.04 million); with cash and cash equivalents at US$117.20 million (31 December 2023: US$95.44 million); and quoted investments at US$12.98 million (31 December 2023: US$18.60 million). Norway, and embarking on a hydrogen study in Oman in 2024. FY2024 Financial Results For FY2024, the Group recorded revenue of US$298.14 million, from the sale of crude oil from the Yumna Field (after the Oman government’s share of oil), and the Brage and Yme Fields. This was a 34 per cent increase from revenue of US$222.39 million# in the year ended 31 December 2023 (“FY2023”). Adjusted EBITDA* for FY2024 was a positive US$160.43 million, as compared to an adjusted EBITDA of US$109.19 million# in FY2023, a 47 per cent increase. The Group recorded loss after tax of US$50.20 1 FactSet 2 Business Times, Oil prices post 3% annual decline, slipping for second year in a row, 1 January 2025 * Adjusted EBITDA = Net Loss + Interests + Taxes + Depletion + Depreciation + Amortisation + Impairments # Please refer to Financial Statements of the Annual Report for more information ^ Rounding difference Annual Report 2024 0 4
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