Rex International Holding 5WH , on March 9, announced the updates of its several subsidiaries for the month of February.
The company’s 91.81%-owned subsidiary, Masirah Oil Limited, reported gross oil production of an average of 5,515 stock tank barrels per day over 28 days from the Yumna Field in offshore Block 50 Oman.
Masirah Oil is the operator and holds a 100% interest in Block 50 Oman.
For the same month, Rex’s 91.65%-owned subsidiary Lime Petroleum AS, announced that oil production from the Brage Field in Norway, net to Lime Petroleum, amounted to 1,981 barrels of oil equivalent per day.
The amount comes from a “stable” production in the first half of February as well as a “brief” shutdown of production during the middle of the month due to power outage. Production gradually returned to previous levels after about a week.
Lime Petroleum holds a 33.84% stake in the Brage Field. The field’s operator is OKEA ASA.
See also: OPEC’s dilemma: Another year of supply curbs or price slump
The Yme Field produced 1,926.6 barrels of oil equivalent per day net to Lime Petroleum in February. The field only sells its oil as the gas produced is used for production operations and re-injected into the reservoirs for improved oil recovery, says Rex.
During the month, there had been steady production from all wells except one that was being worked over.
Lime Petroleum holds a 10% stake in the Yme Field. The field’s operator is Repsol Norge AS.
Shares in Rex International closed 0.2 cents lower or 1.2% down at 16.5 cents on March 9.
