Latest news with #RexInternational
Business Times
10 hours ago
- Business
- Business Times
SGX-listed energy stocks surge, regional names mixed, as oil prices rally on Israel-Iran conflict
[SINGAPORE] Several energy counters in Asia jumped in early trade on Monday (Jun 16), on the back of global crude oil prices surging amid escalating conflict in the Middle East between Iran and Israel. Brent crude futures rose US$1.70 or 2.3 per cent to US$75.93 a barrel during Asia hours, while US West Texas Intermediate (WTI) crude futures gained US$1.62, or 2.2 per cent, to US$74.60. Oil prices had jumped 7 per cent on Friday as Israel and Iran first traded strikes. In Singapore, shares of oil and gas companies listed on the Singapore Exchange (SGX) such as Rex International and RH PetroGas rose more than 6 per cent at market open on Monday As at 9.04 am, multinational oil exploration and production company Rex International gained 9.8 per cent or S$0.02 to S$0.225, with 13.3 million securities changing hands. By 9.30 am, its share price had eased to S$0.22, though the counter was still up 7.3 per cent or S$0.015. The company's share price has had an upward trajectory since early June, following its Jun 6 update on its subsidiary Lime Petroleum's assets in Norway, Benin and Germany. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Notably, Lime Resources Germany, which was founded in late-2024, was said to have interests in four onshore exploration licences and one onshore production licence in the Rhine Valley, and one onshore production licence in Bavaria. Its share price has since increased steadily from S$0.14 on Jun 9, to S$0.18 on Jun 11 and S$0.205 on Jun 13. On Nov 7, 2023, Lime Petroleum had entered into an agreement to acquire a 17 per cent interest in PL740, an oil and gas licence for a field in the Norwegian North Sea. In addition, RH Petrogas was up 6.8 per cent or S$0.013 at S$0.205 in early trade, with 5.2 million securities changing hands. At 9.45 am, its price eased to $0.199, still up 3.7 per cent or S$0.007, before rising again to S$0.20 by 9.56 am. The company's price performance had shown regular improvement since Jun 10's price of S$0.141, before today's spike. Other maritime and energy SGX-listed stocks which had sharp increases were Mermaid Maritime , which rose more than 10 per cent to S$0.121, and CH Offshore , which gained around 21 per cent to S$0.017. As at 10.18 am, their share prices had eased to S$0.118 and S$0.016, respectively. Meanwhile, oil and gas counters in Malaysia such as Petronas Gas and Dialog Group were up 0.7 per cent at RM17.96, and 3.8 per cent at RM1.63 in early trade, respectively. Equity research analyst at Maybank Jeremie Yap has kept a 'buy' rating on Dialog Group and an unchanged target price of RM2.34, considering how the group has signed a production sharing contract with Petronas for the Mutiara Cluster small field asset, located off the coast of Sabah. 'We understand that ChemOne's development of Pengerang Energy Complex and Petronas' RM6 billion (S$1.8 billion) development of a biorefinery with Eni and Euglena could require tank terminals for storage of refined and/or crude products, which Dialog Group is well-positioned to secure,' he said in his Jun 15 report. The FBM KLCI Energy Index rose 11 points or 1.5 per cent to 751.86. On the Hong Kong stock exchange, China National Offshore Oil Corp was down nearly 1 per cent or HK$0.14 at HK$18.56 as at 11.59 am. PetroChina shares were also down 0.5 per cent or HK$0.04 at HK$7.36. Official data released on Monday showed that China's crude oil output declined by 1.8 per cent in May from a year earlier to the lowest level since August 2024, as maintenance at both state-owned and independent refineries curbed operations. Will crude oil prices jump further? UOB head of markets strategy Heng Koon How said that previous conflicts between Israel and Iran over the last year had limited impact on oil prices, on a medium-term horizon. A key reason behind this is that the US is now a major producer of crude oil. 'The US now produces more than 13 million bpd, significantly more than the current nine million bpd production from Saudi Arabia,' wrote Heng on Monday. DBS chief economist Taimur Baig and foreign exchange and credit strategist Chang Wei Liang echoed Heng's sentiment, noting that the market thus far is 'inclined to coalesce around the less-dire possibilities'. 'The fact that the Iraq-Iran war during the 1980s and associated disruptions to oil and gas supply and production did not cause a 1970s-style oil shock may well be informing the market's composure,' they wrote in their report on Monday. 'At a time when global demand softness is a greater source of worry than supply tightness, the bar for a major oil rally is high.' That said, a dangerous escalation would be for Iran to target US military assets or attack regional crude oil production, storage and shipping facilities across the Middle East, said UOB's Heng. 'The worst-case scenario would be a blockade of the Strait of Hormuz – a key shipping lane – which would disrupt crude oil supply to the rest of the world suddenly,' he added. Although near-term volatility is considered, Heng refrains from making any 'knee-jerk adjustments' to his Brent oil forecast of US$65 per barrel for the third quarter of 2025, and US$60 per barrel for the fourth quarter of this year. 'This is ultimately pending further developments in the two key variables – that of Iran's extent of retaliation and the reaction function of Saudi Arabia and Opec+ (the Organization of the Petroleum Exporting Countries and other oil-producing nations),' he noted.
Straits Times
13 hours ago
- Business
- Straits Times
Some SGX-listed energy stocks surge as oil prices rally on Israel-Iran conflict
Oil prices had jumped 7 per cent on June 13 as Israel and Iran first traded strikes. PHOTO: REUTERS SINGAPORE - Shares of oil and gas companies listed on the Singapore Exchange (SGX) such as Rex International and RH PetroGas rose more than 6 per cent at the market open on Jun 16. This comes on the back of global crude oil prices surging amid escalating conflict in the Middle East between Iran and Israel. Brent crude futures rose US$1.70 or 2.3 per cent, to US$75.93 a barrel during Asia hours, while US West Texas Intermediate crude futures gained US$1.62, or 2.2 per cent, to US$74.60. Oil prices had jumped 7 per cent on June 13 as Israel and Iran first traded strikes. As at 9.04 am, multinational oil exploration and production company Rex International gained 9.8 per cent or $0.02 to $0.225, with 13.3 million securities changing hands. By 9.30 am, its share price had eased to $0.22, though the counter was still up 7.3 per cent or $0.015. The company's share price has had an upward trajectory since early June, following its Jun 6 update on its subsidiary Lime Petroleum Holdings' assets in Norway, Benin and Germany. Notably, Lime Resources Germany, which was founded in late 2024, was said to have interests in four onshore exploration licences and one onshore production licence in the Rhine Valley, and one onshore production licence in Bavaria. Its share price has since increased steadily from $0.14 on Jun 9, to $0.18 on Jun 11 and $0.205 on Jun 13. On Nov 7, 2023, Lime Petroleum had entered an agreement to acquire a 17 per cent interest in PL740, an oil and gas licence for a field in the Norwegian North Sea. Meanwhile, RH PetroGas was up 6.8 per cent or $0.013 at $0.205, with 5.2 million securities changing hands. At 9.45 am, its price eased to $0.199, still up 3.7 per cent or $0.007, before rising again to $0.20 by 9.56 am. The company also had regular improvement in its price performance before today's spike from its Jun 10's price of $0.141. Other maritime and energy SGX-listed stocks had sharp increases of over 10 per cent and around 21 per cent were Mermaid Maritime and CH Offshore, to $0.121 and $0.017, respectively. As at 10.18am, their share prices have eased to $0.118 and $0.016, respectively. Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
16 hours ago
- Business
- Business Times
Some SGX-listed energy stocks surge as oil prices rally on Israel-Iran conflict
[SINGAPORE] Shares of oil and gas companies listed on the Singapore Exchange (SGX) such as Rex International and RH PetroGas rose by more than 6 per cent at the market open on Monday (Jun 16). This comes on the back of global crude oil prices surging amid escalating conflict in the Middle East between Iran and Israel. Brent crude futures were up US$1.70, or 2.3 per cent, to US$75.93 a barrel during Asia hours on Monday, while US West Texas Intermediate crude futures gained US$1.62, or 2.2 per cent, to US$74.60. Oil prices had jumped 7 per cent on Friday as Israel and Iran first traded strikes. As at 9.04 am, multinational oil exploration and production company Rex International rose by 9.8 per cent or S$0.02 to S$0.225, with 13.3 million securities changing hands. By 9.30 am, its share price had eased to S$0.22, though the counter was still up 7.3 per cent or S$0.015. The company's share price has had an upward trajectory since early June this year, following its Jun 6 update on its subsidiary Lime Petroleum Holdings' assets in Norway, Benin and Germany. Notably, Lime Resources Germany, which was founded in late-2024, was said to have interests in four onshore exploration licences and one onshore production licence in the Rhine Valley, and one onshore production licence in Bavaria. Its share price has since increased steadily from S$0.14 on Jun 9, to S$0.18 on Jun 11 and S$0.205 on Jun 13. Meanwhile, RH PetroGas at open was up 6.8 per cent or S$0.013 at S$0.205, with 5.2 million securities changing hands. At 9.45 am, its price eased to $0.199, still up 3.7 per cent or S$0.007, before rising again to S$0.20 by 9.56 am. The company also had seen regular improvement in its price performance before today's spike from its Jun 10's price of S$0.141. Other maritime and energy SGX-listed stocks which saw sharp increases of over 10 per cent and around 21 per cent this morning were Mermaid Maritime and CH Offshore , to S$0.121 and S$0.017 respectively. As at 10.18am, their share prices have eased to S$0.118 and S$0.016 respectively.
Zawya
03-04-2025
- Business
- Zawya
Masirah Oil seeks farm-in partner for Oman Block 50
MUSCAT: Oman's Masirah Oil Limited (MOL) has engaged UK-based advisory firm Gneiss Energy to help secure a farm-in partner in the exploration and development of its wholly-owned Block 50 concession off Oman's east coast. Gross production from the Yumna field, currently the only producing field within the Block, averaged 2,316 stock tank barrels per day (stb/d) over the 28 days of production during February 2025. MOL is the Operator and holds a 100 per cent interest in Block 50. According to Singapore-based Rex International Holding, which has an 87.50 per cent stake in Masirah Oil, Gneiss Energy will also advise on potential hydrocarbon opportunities within the 17,000 sq km concession located in the Gulf of Masirah. 'Masirah Oil Ltd (MOL) is currently working with renowned energy consultant Gneiss Energy and various sub-surface teams, to determine potential exploration locations and to find a farm-in partner to join us in moving forward our exploration and development plans for Block 50 Oman. Several attractive exploration opportunities and interested parties have been identified. Updates would be given when there are material developments to this farm-out exercise,' Rex International stated in its newly published 2024 Annual Report. During 2024, output from the Yumna field totaled 864K stock tank barrels (std) from mainly four wells – Yumna-2, Yumna-3, Yumna-4 and Yumna-5. According to UK-based independent reserves estimator Exceed Torridon Ltd, the oil rate peaked at 4,300 stb/day on April 26, 2024, but eventually declined to 2,700 stb/day of oil. As of December 31, 2024, the Yumna Field had produced 9.07 million stock tank barrels since it was first brought into operation in 2020. A key highlight of 2024 was the successful completion of a multi-well programme in the Yumna Field. The programme included the drilling of the Yumna-5 well, which started production in April 2024, and workovers of three existing production wells. The installation of a second flow line, for contingency purposes, was completed in late January 2025. 'The completion of the programme has allowed for the continued production and the lengthening of lifespan of the naturally depleting Yumna Field, which has been producing since 2020,' Rex International noted. Going forward into 2025, Masirah Oil aims to press ahead with efforts to optimize production facilities and well operations. The installation of a second flowline, connecting the Mobile Offshore Production Unit (MOPU) to the floating storage and offloading (FSO) unit, will help boost the reliability of the production system. Separately, majority shareholder Rex International plans to forge ahead with an initiative to explore the potential for natural hydrogen in Oman. It follows a Joint Study Agreement signed in September 2024 by Rex with Spain's Helios Aragon, which is already involved in natural hydrogen and helium projects in Spain, Poland and the UK. 'The joint study will allow Rex to evaluate further if there are synergies to be reaped and for Rex to contribute towards action against climate change in the future,' Rex added. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Observer
30-03-2025
- Business
- Observer
Masirah Oil seeks farm-in partner for Oman Block 50
MUSCAT: Oman's Masirah Oil Limited (MOL) has engaged UK-based advisory firm Gneiss Energy to help secure a farm-in partner in the exploration and development of its wholly-owned Block 50 concession off Oman's east coast. Gross production from the Yumna field, currently the only producing field within the Block, averaged 2,316 stock tank barrels per day (stb/d) over the 28 days of production during February 2025. MOL is the Operator and holds a 100 per cent interest in Block 50. According to Singapore-based Rex International Holding, which has an 87.50 per cent stake in Masirah Oil, Gneiss Energy will also advise on potential hydrocarbon opportunities within the 17,000 sq km concession located in the Gulf of Masirah. 'Masirah Oil Ltd (MOL) is currently working with renowned energy consultant Gneiss Energy and various sub-surface teams, to determine potential exploration locations and to find a farm-in partner to join us in moving forward our exploration and development plans for Block 50 Oman. Several attractive exploration opportunities and interested parties have been identified. Updates would be given when there are material developments to this farm-out exercise,' Rex International stated in its newly published 2024 Annual Report. During 2024, output from the Yumna field totaled 864K stock tank barrels (std) from mainly four wells – Yumna-2, Yumna-3, Yumna-4 and Yumna-5. According to UK-based independent reserves estimator Exceed Torridon Ltd, the oil rate peaked at 4,300 stb/day on April 26, 2024, but eventually declined to 2,700 stb/day of oil. As of December 31, 2024, the Yumna Field had produced 9.07 million stock tank barrels since it was first brought into operation in 2020. A key highlight of 2024 was the successful completion of a multi-well programme in the Yumna Field. The programme included the drilling of the Yumna-5 well, which started production in April 2024, and workovers of three existing production wells. The installation of a second flow line, for contingency purposes, was completed in late January 2025. 'The completion of the programme has allowed for the continued production and the lengthening of lifespan of the naturally depleting Yumna Field, which has been producing since 2020,' Rex International noted. Going forward into 2025, Masirah Oil aims to press ahead with efforts to optimize production facilities and well operations. The installation of a second flowline, connecting the Mobile Offshore Production Unit (MOPU) to the floating storage and offloading (FSO) unit, will help boost the reliability of the production system. Separately, majority shareholder Rex International plans to forge ahead with an initiative to explore the potential for natural hydrogen in Oman. It follows a Joint Study Agreement signed in September 2024 by Rex with Spain's Helios Aragon, which is already involved in natural hydrogen and helium projects in Spain, Poland and the UK. 'The joint study will allow Rex to evaluate further if there are synergies to be reaped and for Rex to contribute towards action against climate change in the future,' Rex added.
