Rex (5WH) H2 2023 earnings summary

Executive summary

• FY2023 revenue rose 22% YoY to US$207.02 million; adjusted EBITDA reached US$93.82 million, while net loss after tax was US$69.36 million.

• The net loss was primarily driven by US$128.30 million of non-cash depletion and impairment items.

Financial highlights

• Revenue increased from US$170.26 million in FY2022 to US$207.02 million in FY2023, mainly from crude oil sales in Norway and Oman.

• Adjusted EBITDA was US$93.82 million, up from US$61.65 million in FY2022.

• Net loss after tax was US$69.36 million versus net profit after tax of US$0.35 million in FY2022.

• Cash, cash equivalents and quoted investments totalled US$114.04 million at 31 Dec 2023, versus US$138.80 million a year earlier.

Outlook and guidance

• A reserves report and Field Development Plan for Block 1, Sèmè Field are targeted for 2024, with production restart intended as soon as possible thereafter.

• Operational drilling plans and activities in Oman were expected to be updated shortly; a possible Brasse Field start-up is in early 2027.