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The announcement is quite confusing.
On the one hand, it said total production for the three Yumna fields has increased to 4,800 barrels.
Then aftyer that, it said production has been shut in for two weeks from June 11 2022 due to minor oil
leakage and production will be restarted in about two weeks....
What does this mean? Is production currently stopped again due to oil leakage?
I do not mean to be negative but can someone help to decipher this
.
On the one hand, it said total production for the three Yumna fields has increased to 4,800 barrels.
Then aftyer that, it said production has been shut in for two weeks from June 11 2022 due to minor oil
leakage and production will be restarted in about two weeks....
What does this mean? Is production currently stopped again due to oil leakage?
I do not mean to be negative but can someone help to decipher this
.
My estimate wats urs?
Sharetrade8888 ( Date: 23-Jun-2022 20:34) Posted:
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Production and Drilling Campaign in Block 50 Oman &bull Major change-outs of floating storage tanker and mobile offshore production unit, with full upgrade of production facilities completed &bull During the start-up of the Electric Submersible Pump (ESP) at Yumna well, there was an electrical fault that has been identified and the ESP is now currently operating &bull Drilling campaign to be conducted in October/November 2022 when the monsoon season is over SINGAPORE, 23 June 2022 &ndash Rex International Holding Limited (&ldquo Rex International Holding&rdquo , &ldquo Rex&rdquo or the &ldquo Company&rdquo , and together with its subsidiaries, the &ldquo Group&rdquo ), a technology-driven oil exploration and production company, refers to the press release issued on 23 June 2022 by its 91.81 per cent subsidiary, Masirah Oil Limited, which announced the following: &ldquo Muscat, 23 June 2022: Masirah Oil Limited (&ldquo MOL&rdquo ) would like to provide an update on the Yumna Field. Production Major change-outs and upgrades were made to the Yumna Field production facilities during February to April 2022. First, the floating storage tanker was changed out as planned. The new storage tanker is certified to be in the field for several years without the need for dry-docking for renewal of the vessel classification and certificate. Second, the Mobile Offshore Production Unit (MOPU) was changed out, together with a full upgrade of the production facilities on-board, as planned. The new storage tanker and MOPU will also be able to handle increased production from future new producing wells in the Yumna Field. In the start-up process following the change-outs and upgrades, an Electric Submersible Pump (ESP) inside the Yumna Field had an operation issue and it has been identified. The ESP is now currently operating. Total oil production from the three production wells in the Yumna Field has steadily increased to 4,800 stb/d and is expected to resume to the same production rates as before the upgrade of the production facilities. Further review of the ESP performance will be done, and a replacement would be considered in conjunction with the upcoming drilling campaign in October/November 2022. Production in the Yumna Field has been shut-in since 11 June 2022 when a minor oil leakage in the flowline was detected. Retrieval and replacement of the flowline is underway. Production is expected to be restarted in about two weeks based on current estimated delivery of equipment/material and dependent upon weather conditions during installation operations. Development and Exploration A rig search is ongoing to secure a jack-up drilling rig for the drilling campaign (development/exploration wells) to be conducted in October/November 2022 when the monsoon season is over. MOL is the Operator and holds a 100 per cent interest in Block 50 Oman.&rdquo
On reading the announcement carefully, I note that they said from June 11, there was a 2 weeks
stoppage of production due to some leakage.
On careful consideration, I do think that the announcement is quite vague regarding production for May and June.
Vested.
stoppage of production due to some leakage.
On careful consideration, I do think that the announcement is quite vague regarding production for May and June.
Vested.
Sharetrade8888, please chill. You asked what is my prediction, and I presented my thoughts below.
I am vested in this counter too. Hence, I am following this stock reading the announcement carefully. I can' t help to noticed that the 23th annoucement, Rex did not state the exact May production figure of Yumna fields. Then I read blesskeemun' s figures of 12,000 bpd for May and June 22, I was taken back as the previous month figure was 1,271 bpd. Furthermore, some people here just read this post and conclused that everything will be good from here onwards.
I am vested in this counter too. Hence, I am following this stock reading the announcement carefully. I can' t help to noticed that the 23th annoucement, Rex did not state the exact May production figure of Yumna fields. Then I read blesskeemun' s figures of 12,000 bpd for May and June 22, I was taken back as the previous month figure was 1,271 bpd. Furthermore, some people here just read this post and conclused that everything will be good from here onwards.
Sharetrade8888 ( Date: 24-Jun-2022 09:03) Posted:
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So gv us ur full yr projections uf u hv and if u think its no good than move on the stock has been severely punished from 48cts down to here due to the hiccups. Enough said
pc1234 ( Date: 24-Jun-2022 08:58) Posted:
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Blesskeemun, I really appreciate for your effort consolidating the production figures.
Looking back in past production data, I then realised how the figure of 12,000 bpd might have been predicted from (last year May/June figures were 11,858 bpd and 11,682 bpd respectively).
Having said that, the production rate for Yumna field has been decreasing steadily from Jan 21 of 12,672 bpd to Dec 21 of 8440 bpd. The figure continue the decreasing trend from the start of FY22 and the management said in the 23th June announcement that
" Total oil production from the three production wells in the Yumna Field has steadily increased to 4,800 stb/d and is expected to resume to the same production rates as before the upgrade of the production facilities."
So I am assuming that the average production rate of these mature wells would be around 4,800 bpd instead. With the disruptions, my guess is that the May and June rates were 1,200 bpd. Hence, I am clarified with you whether is there a typo in your calculation.
Looking back in past production data, I then realised how the figure of 12,000 bpd might have been predicted from (last year May/June figures were 11,858 bpd and 11,682 bpd respectively).
Having said that, the production rate for Yumna field has been decreasing steadily from Jan 21 of 12,672 bpd to Dec 21 of 8440 bpd. The figure continue the decreasing trend from the start of FY22 and the management said in the 23th June announcement that
" Total oil production from the three production wells in the Yumna Field has steadily increased to 4,800 stb/d and is expected to resume to the same production rates as before the upgrade of the production facilities."
So I am assuming that the average production rate of these mature wells would be around 4,800 bpd instead. With the disruptions, my guess is that the May and June rates were 1,200 bpd. Hence, I am clarified with you whether is there a typo in your calculation.
pc1234 ( Date: 23-Jun-2022 23:19) Posted:
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Gv us numbers if u hv a view no point asking ppl who been vested in this for many years if their numbers are correct or not i dunno if u even hv a position in this looking at the history of postings doubt u r in this for the long haul if ever u been invested in it. So pls if ur intention hete is to stir shit pls join other thread with full of shortie contingent.
pc1234 ( Date: 24-Jun-2022 07:55) Posted:
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Sharetrade8888, I'm asking a genuine question on the figures. I saw the April figure was correct (with full month average of 1,271 stb/d), but I didn't see (or miss out) the May and June figures. Hence I'm asking whether is it a typo.
Sharetrade8888 ( Date: 24-Jun-2022 00:08) Posted:
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Everyone hv their own projections if u hv pls state ur case no point posting a few words questioning others opinion. Btw u come out once awhile when px is a down to post negative views so if u short just be it. Talk is cheap pls state ur constructive views will be much appreciated👎
pc1234 ( Date: 23-Jun-2022 23:19) Posted:
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Why May and June have 12,000 bdp? Typo error?
blesskeemun ( Date: 23-Jun-2022 17:46) Posted:
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Having much of uncertainty clearing imo projected sales volume shud be about 12-13 mr size liftings or 2.8-3mio barrels from the 2 fields combined and depending on the asp btwn 100-120 bucks per barrel @ fx rate dlrsing 1.36-1.38 range nett profits shud work out to 10-13cents range still
Much of the uncertainty is clearing up now with may till june 10 production rate at 4800 bpd and july rate to be back to approx 7500 bpd from 2nd wk onwards. No more guessing 👌 all the naysayers can go back to hybernation liao😀
Thank you Keemun. Appreciate yr good work! Will Rex's 1H FY22 patmI equal/ surpass full year FY21?
blesskeemun ( Date: 23-Jun-2022 17:48) Posted:
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The May and June production for Yumna are looking good, keep it up 
.
As for Brage, I think around 3000 barrels daily should be ok.
If can sustain a total daily production of 15,000-20,000, Rex should be minting cash.
Huat ahhh.
.As for Brage, I think around 3000 barrels daily should be ok.
If can sustain a total daily production of 15,000-20,000, Rex should be minting cash.
Huat ahhh.
Thanks for sharing your spreadsheet from your computation looks like I HV to raise my personal projection for full year, my latest projection due to the technical disruption in yumna has been for patmi to be around 10-13cents on a conservative note. But I shall re-examine the numbers again. Cheers
| Brage Field | Rex owns 91.65% of Lime | ||||||||
| CONTRACT | Actual | Prod | Production | Monthly | Gorss Revenue | Monthly Prod Cost | Rex Owned (%) Net revenue | ||
| MONTH | AVE | LOW | HIGH | bpd | Days | Prod | (US$47/bpd) | ||
| JAN | 91.21 | 77.04 | 91.70 | 2,496 | 31 | 77,376 | 7,057,465 | 3,636,672 | 3,135,157 |
| FEB | 100.99 | 87.72 | 105.79 | 2,792 | 28 | 78,176 | 7,894,994 | 3,674,272 | 3,868,292 |
| MAR | 105.47 | 96.95 | 133.09 | 3,561 | 31 | 110,391 | 11,642,939 | 5,188,377 | 5,915,606 |
| APR | 107.91 | 96.93 | 139.13 | 2,960 | 30 | 88,800 | 9,582,408 | 4,173,600 | 4,957,173 |
| MAY | 122.84 | 101.30 | 125.28 | 2,695 | 31 | 83,545 | 10,262,668 | 3,926,615 | 5,806,992 |
| JUN | 119.27 | 112.50 | 125.16 | 3,150 | 30 | 94,500 | 11,271,015 | 4,441,500 | 6,259,250 |
| Yumna Field | Rex owns 91.81 of Masirah/Masirah 65% vs. Omani Gov 35% | |||||||||
| CONTRACT | Actual | Prod | Production | Monthly | Rex Owned (%) | Daily Production | Monthly Prod | Rex Owned (%) | ||
| MONTH | AVE | LOW | HIGH | bpd | Days | Prod | Gorss Revenue | Costs | Costs | Net Revenue |
| JAN | 91.21 | 77.04 | 91.70 | 7,518 | 31 | 233,058 | 12,685,565 | 80,000 | 2,480,000 | 10,205,565 |
| FEB | 100.99 | 87.72 | 105.79 | 2,237 | 28 | 62,636 | 3,774,902 | 80,000 | 2,240,000 | 1,534,902 |
| MAR | 105.47 | 96.95 | 133.09 | 4,637 | 31 | 143,747 | 9,047,552 | 80,000 | 2,480,000 | 6,567,552 |
| APR | 107.91 | 96.93 | 139.13 | 1,271 | 30 | 38,130 | 2,455,454 | 80,000 | 2,400,000 | 55,454 |
| MAY | 122.84 | 101.30 | 125.28 | 12,000 | 31 | 372,000 | 27,270,060 | 80,000 | 2,480,000 | 24,790,060 |
| JUN | 119.27 | 112.50 | 125.16 | 12,000 | 30 | 360,000 | 25,623,418 | 80,000 | 2,400,000 | 23,223,418 |
Nice collection tdy try again tmr..cheers all limjiu time😀
Gday all. The last round took a mth to make 20% gains. As the cards are getting unveiled this round hopefully can go for the 4series liao with the higher base avg px for the year. Not forgetting biden administration plan to replenush the spr during fall. Dyodd ok huat😀