The technology-driven oil exploration and production firm Rex International Holding Limited ("Rex International Holding," "Rex," or the "Company," and collectively with its subsidiaries, the "Group") refers to the press release issued by Lime Petroleum AS, a subsidiary of which it owns 91.65%, on June 20, 2022, in which the following information was disclosed:
“Lime Petroleum AS (“LPA”) today announced that oil production in May 2022 from the
Brage Field in Norway, net to LPA, amounted to 2,695 barrels of oil equivalent per day
(boepd). An unplanned two-day production stoppage was undertaken in May 2022 to
address a technical issue which has since been rectified, following which it took almost a
week to ramp up the wells to capacity.
LPA holds a 33.8434 per cent interest in the Brage Field. The operator of the Brage Field is
Wintershall Dea Norge AS.”
The update on production from the Yumna Field in offshore Block 50 Oman by the Company’s 91.81
per cent subsidiary, Masirah Oil Limited, is pending approval from the Ministry of Energy and Minerals
of Oman and will be issued as soon as clearance is obtained.
Mr Dan Broström, Executive Chairman of Rex, said, “We have received several queries from investors
on the production volumes from the Yumna Field. We wish to clarify that wells deplete over time, and
in the natural course of any production well’s life cycle, there will be an increase in water production
and a decline in oil production until the end of the well’s life. The new storage tanker and Mobile
Offshore Production Unit (MOPU) are designed to deal with the increased liquid capacity. Monitoring
of the behaviour of the wells and optimising production volume is a continuous process to maximise
oil recovery. While production had halted during the change-out of the storage tanker and the MOPU, it is to be noted that non-produced oil due to lower realised production volumes remain in place in
the reservoir and can be produced at a later date.”
“The Group is developing plans not only for Oman, as shared in our 9 March 2022 press release*, but
also for Norway and Malaysia. We continue to target production of 20,000 barrels per day (bpd)
across these geographies,” added Mr Broström.