Wedoany.com Report-Jun 24, Singapore-based Rex International Holding Limited has released an updated independent summary Qualified Person’s Report (QPR) for its Yumna field located in Block 50 offshore Oman. The report, prepared by Exceed Torridon, updates previous in-house and external assessments and is part of Rex’s regular disclosure of reserves and resources.

The updated QPR includes revisions to the reservoir model used for production forecasting and reserve estimation. The revised model reflects new development options, including additional wells planned to improve drainage efficiency of the Yumna field. The cut-off date for the estimates is December 31, 2024.

Masirah Oil Limited, a subsidiary of Rex, holds 100% ownership of the Block 50 concession. Rex International owns 87.5% of Masirah following a restructuring completed in the previous year. The Yumna field, which began producing oil in February 2020, currently has five wells. Oil from these wells is processed on a mobile offshore production unit (MOPU) and then offloaded to a floating storage and offloading (FSO) unit.

By the end of 2024, the Yumna field had produced approximately 9 million stock tank barrels (MMstb). Masirah has reported ongoing efforts to optimize production rates to maximize oil recovery from the field.

The latest report indicates a 27% increase in net entitlement volumes of base 2P (proved and probable) reserves, from 3.7 MMstb to 4.7 MMstb. High 3P (proved, probable, and possible) reserves have also risen by 34%, from 4.1 MMstb to 5.5 MMstb. Rex confirmed that it sees the same increase due to its stake in Masirah. The reserve growth is attributed to the refinement of the depletion plan and the addition of further development wells.

Block 50 spans approximately 17,000 square kilometers in the Gulf of Masirah, east of Oman. The field development plan and declaration of commerciality were approved in July 2020, following the initial oil discovery.

In June 2024, Masirah completed a multi-well drilling program that began in late March. The campaign utilized Northern Offshore’s Energy Emerger jack-up rig and involved drilling a new well within the field and performing work-overs on two existing wells.

Looking ahead, Masirah plans to continue enhancing field operations. Key initiatives for the year include the installation of a second flowline between the MOPU and the FSO to improve system reliability. Additionally, Masirah intends to launch a farm-out process in collaboration with advisory firm Gneiss, aiming to attract new investment partners for the asset’s future development.