Strong upward trend for Rex today. Oil price surged after drone attacks on S.Arabia oil complex. Now less risk from Iran production returning, 2) higher geopolitical risk premium and 3) Iraq taking steps to reduce exports. OCBC said, downside risks to prices have materially lessened.
Aiming For First Oil
The offshore Block 50 concession in Oman is a key asset of the Group. An oil discovery in the GA South well was made in 2014, the first offshore discovery east of Oman, after 30 years of exploration activity in the area. The discovery won the “Offshore Discovery of the Year” award in Oman.The Group is targeting to achieve first oil by end-2019.
This is a most insightful post (from Sharejunction) by Mustang:
mustang ( Date: 01-Nov-2019 19:59) Posted:
I think Rex Intl has tremendous potential. We should see very much higher prices. Watch for the breakout at 12 cents, which is a good entry level. Two major news will send the share price on a ferocious bull run.... (1) monetisation of the recent discovery in Shrek field in the North Seas. It is highly plausible Rex will monetise this recent discovery by selling its 30% stake to Aker BP which operates the nearby Skarv field. Rex is raising funds to fund its oilfield project in Oman. I like the Management approach of not going for funding options which has shares dilution impact. It shows Management is protecting its shareholders interest. (2) updates of the progress of bringing the Oman oilfield into production. Currently, the coy is conducting technical testings on the oil well, and sourcing for suitable vendor to develop and operate the oil production facility.
We are probably at the initial bull phase for Rex Intl. The share price will see multi fold returns. You have to be patience!!!
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