Rex International - UOB Kay Hian 2023-06-14: Yumna Oil Field Remains Problematic

• 12 months after new oil production facilities were installed at the Yumna oil field offshore Oman (which is Rex International’s major cash cow), production has yet to regain the highs seen in 2021. Instead, production remains stubbornly at 50% below change-out of the new facilities.
• - Read this at SGinvestors.io -

Disappointing production at its key asset.

• One year after the successful hook-up and commissioning of the new floating storage tanker and mobile offshore production unit (MOPU) at its key Yumna asset offshore Oman, production has continued to disappoint.
• - Read this at SGinvestors.io -
• Over the past two years, Yumna’s production has declined by >60%, with the latest May 23 data showing a 10% m-o-m decline.

Could excessive water production be a problem?

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2024-03-12 Rex International - Worse-Than-Expected 2023 Results; Disclosure Levels Need Addressing.

Previous report by UOB:
2023-11-27 Rex International - Not Much To Cheer About Heading Into The Festive Season.

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