Rex International - UOB Kay Hian 2023-11-27: Not Much To Cheer About Heading Into The Festive Season

• Rex’s latest production update for Oct 23 did not provide much cause for cheer due to continued travails at its Yumna Field. At present, it is shut down with no visibility as to when production can resume.
• - Read this at SGinvestors.io -
• In early-Nov 23, Rex bought a 17% stake in the Brasse Field offshore Norway for an undisclosed sum.

Yumna still hobbling towards the company’s 20,000bpd production target.

• In Rex International (SGX:5WH)'s latest production update for Oct 23, the company disclosed that its Yumna Field in offshore Block 50 in Oman (Rex equity stake: 91.81%) only managed an anaemic 1,304bpd of oil production, declining 20% m-o-m and 65% y-o-y.
• - Read this at SGinvestors.io -
• With Yumna continuing to underperform, Rex’s average production year-to-date stands at just over 9,000bpd and is far from its 20,000bpd target.

Lack of disclosure continues to be an issue.

• 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.

Price targets by other brokers at Rex International Target Prices.

Listing of research reports at Rex International Analyst Reports.

Relevant links:
Rex International Share Price History,
Rex International Announcements,
Rex International Dividend Payout Dates & Corporate Actions,
Rex International News