Posted by ERCE on Sun, 05/10/2020 - 13:22

Introduction

Located at the heart of hydrocarbon rich nations across Asia Pacific (“APAC”), Singapore has attracted the attention of many oil and gas (“O&G”) companies. Economically and politically stable, Singapore provides a logical base for exploration and production (“E&P”) operations across the region

In total, six E&P companies are listed on the Singapore Exchange (“SGX”):
•    Interra Resources Limited
•    RH Petrogas Limited
•    KrisEnergy Limited
•    Eneco Energy Limited
•    Alpha Energy Holdings Limited
•    Rex International Holding Limited

Summaries of each E&P company listed on the SGX are presented below.

Interra Resources Limited

Source: Interra resources Website

Interra Resources Limited’s (“Interra”) operations are focused in Myanmar and Indonesia (Figure 1). 

Figure 1: Interra's Operating Locations
Source: Interra Resources Website

The company holds a 60.00% non-operating interest in the Chauk and Yenangyaung Fields (onshore Central Myanmar) and a 67.50% operating interest in the Kuala Pambuang PSC[1] (onshore Kalimantan, Indonesia)[2].

The majority of its oil production comes from the Chauk and Yenangyaung Fields, which in 2019 had a combined gross oil production of 967,683 stb, representing a 9% increase from 2018[3]. During 2019, Interra drilled a total of eight development wells (seven in Chauk, one in Yenangyaung) which were completed as oil producers and one appraisal well (Chauk). In December 2019, Interra announced that they had completed the drilling of this appraisal well (Well L145) in the Chauk field, at a total measured depth of 1,174 m. Electric wireline logging was performed and the post drilling borehole conditions deemed L145 to undergo further analysis and evaluation, resulting in a shut-in. Between January to April 2020, Interra completed three development wells as oil producers in the Chauk field, notably CHK 1224 producing the highest oil rate of 80 stb/d.[4]

Interra’s reserves, contingent resources and prospective resources are shown in Table 1,Table 2 and Table 3, respectively[5].

Table 1: Interra’s Reserves
Source: Interra Resources annual report 2019

Table 2: Interra’s Contingent Resources
Source: Interra Resources annual report 2019

Table 3: Interra’s Prospective Resources
Source: Interra Resources annual report 2019

Notes

  1. Table 1: Net reserves attributable to the Group represent the actual net entitlement attributable to the Group’s effective interest in the contract after taking into account the contractual terms with the host government.
  2. Table 2: Net contingent resources attributable to the Group represent the proportion of gross contingent resources attributable to the Group’s effective interest in the contract. Net contingent resources are unrisked, and do not take into account the contractual terms with the host government and do not represent the Group’s actual net entitlement under the contract. Contingent resources are reported under two sub-classifications. “Development on hold” represents a project where activities are on hold and/or where justification as a commercial development may be subject to delay. “Development unclarified” represents a project where activities are under evaluation and where justification as a commercial development is unknown based on available information.
  3. Table 3: Net Working Interest Prospective Resources represent the fraction of Gross Prospective Resources allocated to Interra, based on their working interest in the Contractor group. Net prospective resources do not take into account the contractual terms with the host government and do not represent the Group’s actual net entitlement under the contract.

    In October 2019, Interra commenced drilling of exploration Well KP-1 in the Kuala Pambuang PSC to test for hydrocarbons in the prospective Warukin (shallow clastic sandstone) and Berai (deeper limestones) Formations[6]. On 11 December 2019, Interra announced that Well KP-1 was drilled to a total depth of 1,149 m and encountered “live shows over several zones”. Fluid samples were collected for analysis after swabbing and Interrra determined the drilling and testing results to be positive. KP-1 well is planned for completion and perforation test will be conducted[7].

    On 13 May 2019, the operator received a letter of termination pertaining to the operations cooperation agreement of the Benakat Barat KSO[8]. The operator has filed an appeal against the termination and has yet to provide an update to Interra.[9]

     

    RH Petrogas Limited

    Source: RH Petrogas website

    RH Petrogas Limited’s (“RHP”) operations are focused in Malaysia and Indonesia. The company holds a 60.00% operating interest in the Kepala Burung PSC (onshore West Papua, Indonesia), otherwise known as the “Basin PSC”, and a 70.00% operating interest the Salawati Kepala Burung PSC (onshore and offshore West Papua, Indonesia), otherwise known as the “New Island PSC”. The company also holds a 40.8% effective working interest in the SK331 PSC (onshore Sarawak, Malaysia)[10].

    Figure 2: RHP’s Operating Location
    Source: RH Petrogas website

    The Basin PSC is located onshore in the northwest area of West Papua in eastern Indonesia. First production was achieved in the 1970s and the total cumulative oil production to date is approximately 400 MMstb[11].In 2019, RHP accomplished 16 well workovers, reactivated 7 previously shut-in wells and carried out 228 well services in the Basin PSC.[12]These activities increased, or at the least, maintained oil production from several oil fields within the block. The Island PSC is located adjacent to the Basin PSC and RHP’s working interest share of production from the Basin and Island PSCs averaged around 4,240 boepd in 2019[13].

    In July 2018, RHP had signed a new 20 -year term PSC extension for the Basin and Island blocks[14]. This new term will commence after expiry of existing PSCs in 2020. The Island PSC and Basin PSC will expire on 22 April 2020 and 15 October 2020 respectively.[15]The renewed PSCs cover slightly larger areas and will be renamed as the “New Basin PSC” and the “New Island PSC”. The New Basin PSC and New Island PSC will have a new license area of 1,030 km2 and 1,137 km2 respectively.sup>[16]RHP will hold a working interest of 70% in each new PSC.

    RHP’s effective working interest of the Combined Island and Basin PSC’s Reserves and Contingent Resources are shown in Table 4 and Table 5[17].

    Table 4: RHP’s Combined Island PSC and Basin PSC Reserves
    Source: RH Petrogas Annual Report 2019              

    Table 5: RHP’s Combined Island PSC and Basin PSC Contingent Resources
    Source: RH Petrogas Annual Report 2019

    Notes

    1. Table 4 & 5: Net Attributable to Issuer means the Company’s effective working interest share under the respective PSCs. The Company is entitled to a share of these volumes after considering the Indonesian Government’s share pursuant to the terms of the PSCs.

    RHP also produces natural gas in the Basin PSC. This is used to meet operational needs and the excess is sold to Sorong city in the eastern part of Indonesia[18], supporting the “Bright Papua” programme, which is part of the Indonesian government’s efforts to improve the development of the eastern part of Indonesia.

    With the continuous economic progression in the region, a rise in the domestic gas demand is predicted by RHP over the next few years.[19];To cater for the needs of the rising demand, RHP has submitted a Plan of Development (“POD”) for the discovered gas resources in the North Klalin gas field with approval granted in 2015 by regulator SKK Migas[20]. The POD involves the drilling and tie-back of four new development wells. This additional gas production will be used in the same way as the existing gas production.

    The SK331 PSC is situated onshore Sarawak in Eastern Malaysia and covers an area of 8,963 km2. RHP was granted an effective working interest of 40.8% in SK331 PSC[21].Following the recent grant of a 6 month operational extension by Petronas, the current term will expire on 5 June 2020.[22]During this period, RHP had completed the acquisition and processing of the 2D seismic lines while the seismic interpretation and prospect maturation works are proceeding as planned. With the recent development, RHP has completed all the outstanding minimum work commitments of the SK331 PSC.[23]

    KrisEnergy Limited

    Source: KrisEnergy website

    KrisEnergy Limited (“KrisEnergy”) has licences across APAC; in Bangladesh, Vietnam, Thailand, Cambodia, and Indonesia. As shown in Figure 3, the company holds interests in seven fields which are either on production or are nearing first production.

    Figure 3: KrisEnergy Operating Location
    Source: KrisEnergy website

    KrisEnergy’s working interests are summarized below in Table 6.

    Table 6: KrisEnergy’s Current Working Interests
     Source: KrisEnergy website

    In 2019, KrisEnergy’s average working interest production was 10,229 boepd, which was around 4.3% lower than the year before[24]. According to KrisEnergy, this reduction was due to the five months of working interest volumes in 2018 from the Nong Yao oil field in G11/48, Gulf of Thailand, which the Group had ceased participation at the end of May 2018.

    Figure 4 shows the production breakdown by field for KrisEnergy for 2019.

    Figure 4: KrisEnergy’s working interest production in 2019
    Source: KrisEnergy website

    KrisEnergy’s net working interest of Reserves and Contingent Resources are shown in Table 7 and Table 8 respectively[25].

    Table 7: KrisEnergy’s Reserves
    Source: KrisEnergy 2019 Financial Statements Announcement

    Table 8: KrisEnergy’s Contingent Resources
    Source: KrisEnergy 2019 Financial Statements Announcement

    Notes

    1. Table 7: KrisEnergy’s net working interest of Reserves, before reduction for royalties or production share owed to others under the applicable fiscal terms.
    2. Table 8: KrisEnergy’s net working interest of Contingent Resources, before reduction for royalties or production share owed to others under the applicable fiscal terms.

    In 2019, KrisEnergy conducted a total of six liftings in the G10/48 concession, Gulf of Thailand, which amounted to an oil production of 1.468 MMstbsup>[26].

    A total of 40 infill wells had been drilled in B8/32 field in 2019 and another 28 infill wells are scheduled for drilling in 2020[27].

    KrisEnergy’s 2019 focus has been the development of Block A in Cambodia, with the renovation of the Ingenium II production barge starting in Q1 2019[28], along with the acquisition of 1,200 km2 of 3D seismic data over the Apsara development area[29]. Site surveys were also commissioned[30], and, KrisEnergy signed an agreement with PT profab for the supply of a minimum facilities wellhead platform.[31]Apsara’s first oil is expected in mid-2020[32], with a possible peak rate of 7,500 stb/d[33].

    Eneco Energy Limited

    Source: Eneco Energy website

    Eneco Energy Limited (formerly known as Ramba Energy Limited) engages in hydrocarbon exploration and production in Indonesia. Eneco Energy’s assets consist of 3 blocks that are situated in onshore regions on the Western Indonesian islands of Sumatra and Java (Figure 5).

    Figure 5: Eneco Energy’s Operating Locations
    Source: Eneco Energy website

    Table 9, Table 10 and Table 11 show Eneco Energy’s Reserves & Contingent Resources[34]. As of 31 December 2018, the company has a working interest of 100% (West Jambi KSO Block), 70% (Jatirarangon TAC Block), and 16% (Lemang PSC Block)[35].

    Table 9: Eneco Energy’s Net Entitlement Reserves
    Source: Eneco Energy annual report 2018

    Table 10: Eneco Energy’s Net Entitlement Contingent Resources
    Source: Eneco Energy annual report 2018

    Table 11: Eneco Energy’s Net Working Interest Contingent Resources
    Source: Eneco Energy annual report 2018

    Notes

    1. Table 9 & 10: Net Attributable to Issuer means the the volumes reported under these columns are based on Eneco Energy Limited net entitlement, which exclude the Indonesian Government’s share under the PSC
    2. Table 11: Tabulated values are “Net Attributable to Issuer”, which relate here to Eneco Energy Limited’s (ENECO’s) Net Working Interest in the Asset (100%) and include the Indonesian State’s share of volumes. They do not equate to ENECO’s Net Entitlement share under the Kerja Sama Operasi (KSO) license contract terms. No conceptual Plan of Development (PoD) has been created to exploit the discovered petroleum resources at the West Jambi Field and, therefore, no discounted cash flow has been constructed from which ENECO’s Net Entitlement Volumes may be estimated.

    Most of Eneco Energy’s production comes from the Lemang PSC Block. In 2017, Eneco Energy drilled five new wells at well pads A and B[36], and in 2018 completed drilling of three development wells for well pads C and D[37].

    In the near term, Eneco Energy seeks to develop the Akatara Field in Lemang Block. The group plans to install artificial lift to increase total production to 2,000 stb/d[38], and is in negotiations to commercialise Akatara Field natural gas[39].

    The concession for the Jatirarangon gas field is due to expire in May 2020. Eneco Energy is currently undertaking a review of economic viability to determine whether it will apply to extend the concession[40].

     

    Alpha Energy Holdings Limited

    Source: Alpha Energy Holdings website

    Alpha Energy Holdings Limited (“Alpha Energy”) is a Singapore-based investment holding company that focuses on acquiring exploration and production projects worldwide. Alpha Energy has one asset, the Mustang Field (Southern Miluveach Unit) in the North Slope Alaska (Figure 6). The company has a net working interest of 90.1% of in the Southern Miluveach Unit through its wholly owns subsidiary, Caracol Petroleum LLC [41].

    Figure 6: Alpha Energy Assets
    Source: Alpha Energy Holdings website

    The Mustang Field is adjacent to the southwestern corner of the Kuparuk River Oil Field, the second largest oil field in North America, having produced approximately 2.7 Billion stb of oil[42]. In November 2017, the first production well in the Mustang field, Well North Tarn #1A, was flow-tested flowed 24-degree API oil from the Kuparuk C formation[43]. The peak rate of the flow test achieved an average of 1,292 stb/d of oil. Table 12 shows the net attributable reserves for the Mustang field[44].

    Table 12: Caracol Petroleum LLC’s Reserves
    Source: Alpha Energy Holdings Limited

     

    Notes

    1. Alpha Energy annual report 2018 did not mention net entitlement or working interest

    During the second quarter of 2018, another Alpha Energy subsidiary, Brooks Range Petroleum Corporation (“BRPC”) obtained an approval from the State of Alaska, Department of Natural resources to install and operate an Early Production Facility (“EPF”)[45]. This will allow BRPC to commence field development, with production of up to 6,000 stb/d[46]. Progressing in tandem with the full field development programme, the EPF would subsequently be replaced by a permanent Mustang Operations Centre (“MOC”) with estimated oil production capacity of 15,000 stb/d[47]. According to Alpha Energy, the MOC will be capable of supporting 12 production wells & 20 injectors.

    BRPC has also recently submitted a Plan of Development (“POD”) to the Department of Natural Resources, State of Alaska for the drilling of a further three wells the Southern Miluveach Unit in Q1 2020 [48]. These three wells are estimated by Alpha Energy to add an approximate gross capacity of 6,000 stb/d.

    With the completion of the surface work in November 2019, first oil production and oil sales occurred from the North Tarn #1A well[49].

     

    Rex international Holding Limited

    Source: Rex International website

    Since the company’s listing in July 2013[50], Rex International Holding (“Rex”) has made two offshore discoveries, one in Oman and another in Norway.  Figure 7 and Figure 8 show Rex’s operating locations in Oman and Norway, respectively.

    Rex’s effective interest in the respective licences are summarised below in Table 13.

    Table 13: Rex's Effective Interest for Licenses
    Source: Rex International annual report 2019

    During the third quarter of 2019, Lime Petroleum AS (LPA), Rex’s 90% subsidiary, signed an agreement with DEA Norge to acquire 30% interests in PL838 and PL838B[51]. On October 2019, the operator of PL838, PGNiG Upstream Norway AS, drilled a successful exploration well and appraisal well on the Shrek prospect, which estimate contains between 19 – 38 MMboe[52]. This oil and gas discovery will be further evaluated for a possible tie-back to the AkerBP operated Skarv field which is situated about 4.5 km away.

    Table 14 shows the oil and gas contingent resources for LPA’s 30% working interest of asset PL838, where the Shrek discovery was made[53].

    Figure 7: Rex’s Oman Operating Location
    Source: Rex International website

    Figure 8: Rex’s Norway Operating Location
    Source: Rex International website

    Table 14: LPA's 30% working interest in PL838
    Source: Rex International annual report 2019

    Notes

    1. Table 14: LPA’s net working interest of Contingent Resources, before reduction for royalties or production share owed to others under the applicable fiscal terms. Given the early stage of assessment of development options and the recent change of operator, chance of development was not assigned. Volumes include Free and Associated gas.

    In January 2020, LPA was awarded two new licenses, PL1061 and PL1062 from the APA 2019 licensing round[54].  Additionally, LPA has signed an agreement to farm in four licenses in the Norwegian Sea: PL937 (15%), PL937B (15%), PL263D (20%), and PL263E (20%)[55][56]. These transfers of interests are currently pending regulatory approval.

    Block 50 Oman, located in the Gulf of Masirah, has an area of 17,000 km2. The Yumna oil discovery was announced in Block 50 Oman on the 4th February 2014[57]. During a 48-hour test, a restricted flow rate of 3,500 stb/d of light oil were produced to the surface.[58]

    The company’s 92.65% subsidiary, Masirah Oil Ltd (“Masirah”) performed a feasibility study and is planning a new exploration drilling campaign[59]. In 2019, Masirah contracted a Floating Storage and Offloading (“FSO”) vessel and a jackup rig to determine the potential of the Yumna discovery[60]. On the 27th December 2019, Masirah commenced drilling of an appraisal well in the Yumna oil field[61].

    In the first quarter of 2020, the appraisal Yumna 1 well achieved successful oil flow of 42° API, at a production rate of 11,843 stb/d through a 1-inch choke[62]. Currently, Yumna 1 well is undergoing further data testing and evaluation, and Rex may plan to drill more wells in the vicinity of Yumna 1[63].

     

    ERCE’s Asia Pacific office is centrally located in the city-state of Singapore on Tras Street. ERCE has worked extensively across the Asia Pacific region on upstream, midstream and downstream projects including for companies on the Singapore Exchange. We have performed and support Reserve and Resource evaluations & assessments, M&A due diligence, technical work, commercial studies, market analysis, economic modelling, screening studies and legal expert work.

    To find out more about ERCE and oil & gas in the Asia Pacific region please contact us at enquiries.asiapacific@erce.energy.

    The content included in this article is intended only to be used for informational purposes and not for any commercial interest. Readers should perform their own analysis and research before making any investment pertaining to any of the companies included. If required, readers should seek independent financial advice to verify any of the information included in the article for the purpose of making an investment decision or otherwise. ERCE will not be liable for any damage or loss arising out of any reliance placed on information in the article.

    References

    [1] Production Sharing Contract (PSC) refers to an agreement between contractor and Government whereby the contractor bears all exploration risks, production and development costs in return for its stipulated share of production resulting from this effort.

    [2] Annual Report 2019. (n.d.). Retrieved from Interra Resources Limited: http://www.interraresources.com/download/annualreports/Interra%20AR2019.pdf

    [3] Annual Report 2019. (n.d.). Retrieved from Interra Resources Limited: http://www.interraresources.com/download/annualreports/Interra%20AR2019.pdf

    [4] Announcements. (2020, April 2). Retrieved from Interra Resources Limited: http://www.interraresources.com/download/announcements/2020-04-02%20SG2000402OTHRPMUZ%20Myanmar%20Drilling%20Update%20-%20CHK%201224%20Completed%20as%20an%20Oil%20Producer.pdf

    [5] The effective date of Interra’s Reserves, Contingent and Prospective Resources is 31 December 2019.

    [6] Announcements. (2019, October 7). Retrieved from Interra Resources Limited: http://www.interraresources.com/download/announcements/2019-10-07%20SG191007OTHR2SGX1%20Indonesia%20Exploration%20Update-Drilling%20Commencement%20of%20Kuala%20Pambuang%20Well%20KP-1.pdf

    [7] Annual Report 2019. (n.d.). Retrieved from Interra Resources Limited: http://www.interraresources.com/download/annualreports/Interra%20AR2019.pdf

    [8] Kerja Sama Operasi (KSO) is a joint operating agreement between two or more entities that spell out who is considered the operator for the exploration and production work and the way revenue is to be split among the members.

    [9] Annual Report 2019. (n.d.). Retrieved from Interra Resources Limited: http://www.interraresources.com/download/annualreports/Interra%20AR2019.pdf

    [10] RH Petrogas Limited. (n.d.). Retrieved April 24, 2020, from:
     http://www.rhpetrogas.com/

    [11] Annual Report 2019. (n.d.). Retrieved from RH Petrogas Limited: http://rhpetrogas.listedcompany.com/newsroom/20200414_174602_T13_13GIN3571406AKNA.1.pdf

    [12] Annual Report 2019. (n.d.). Retrieved from RH Petrogas Limited: http://rhpetrogas.listedcompany.com/newsroom/20200414_174602_T13_13GIN3571406AKNA.1.pdf

    [13] Annual Report 2019. (n.d.). Retrieved from RH Petrogas Limited: http://rhpetrogas.listedcompany.com/newsroom/20200414_174602_T13_13GIN3571406AKNA.1.pdf

    [14] Annual Report 2018. (n.d.). Retrieved from RH Petrogas Limited: http://rhpetrogas.listedcompany.com/newsroom/20190410_172518_T13_EFDS0KK3BF4YGUR7.1.pdf

    [15] Annual Report 2019. (n.d.). Retrieved from RH Petrogas Limited: http://rhpetrogas.listedcompany.com/newsroom/20200414_174602_T13_13GIN3571406AKNA.1.pdf

    [16] Annual Report 2019. (n.d.). Retrieved from RH Petrogas Limited: http://rhpetrogas.listedcompany.com/newsroom/20200414_174602_T13_13GIN3571406AKNA.1.pdf

    [17] The effective date of RHP’s Combined Island and Basin PSC Reserves and Contingent Resources is 1 January 2020.

    [18] Annual Report 2019. (n.d.). Retrieved from RH Petrogas Limited: http://rhpetrogas.listedcompany.com/newsroom/20200414_174602_T13_13GIN3571406AKNA.1.pdf

    [19] Annual Report 2019. (n.d.). Retrieved from RH Petrogas Limited: http://rhpetrogas.listedcompany.com/newsroom/20200414_174602_T13_13GIN3571406AKNA.1.pdf

    [20] Announcements. (2015, February 12). Retrieved from RH Petrogas Limited: http://rhpetrogas.listedcompany.com/newsroom/20150212_171227_T13_RMJK61409BJ051QG.1.pdf

    [21] Annual Report 2019. (n.d.). Retrieved from RH Petrogas Limited: http://rhpetrogas.listedcompany.com/newsroom/20200414_174602_T13_13GIN3571406AKNA.1.pdf

    [22] Annual Report 2019. (n.d.). Retrieved from RH Petrogas Limited: http://rhpetrogas.listedcompany.com/newsroom/20200414_174602_T13_13GIN3571406AKNA.1.pdf

    [23] Annual Report 2019. (n.d.). Retrieved from RH Petrogas Limited: http://rhpetrogas.listedcompany.com/newsroom/20200414_174602_T13_13GIN3571406AKNA.1.pdf

    [24] Announcements. (2020, February 28.). Retrieved from KrisEnergy Limited: https://www.krisenergy.com/default/assets/File/KrisEnergy%20Ltd_FY2019%20Results%2028Feb2020.pdf

    [25] The effective date for KrisEnergy’s Reserves and Contingent Resources is 31 December 2019.

    [26] Announcements. (2020, February 28). Retrieved from KrisEnergy Limited: https://www.krisenergy.com/default/assets/File/KrisEnergy%20Ltd_FY2019%20Results%2028Feb2020.pdf

    [27] Announcements. (2020, February 28). Retrieved from KrisEnergy Limited: https://www.krisenergy.com/default/assets/File/KrisEnergy%20Ltd_FY2019%20Results%2028Feb2020.pdf

    [28] Annual Report 2018. (n.d.). Retrieved from KrisEnergy Limited: https://www.krisenergy.com/default/assets/KEAR18_190408.pdf

    [29] Announcements. (2019, July 25). Retrieved from KrisEnergy Limited: https://www.krisenergy.com/default/assets/File/KrisEnergy%20completes%203D%20CBA%20seismic%2025July2019.pdf

    [30] Announcements. (2019, November 13). Retrieved from KrisEnergy Limited: https://www.krisenergy.com/default/assets/File/KrisEnergy%20Apsara%20WHP%20award%2013Nov2019.pdf

    [31] Announcements. (2019, November 13). Retrieved from KrisEnergy Limited: https://www.krisenergy.com/default/assets/File/KrisEnergy%20Apsara%20WHP%20award%2013Nov2019.pdf

    [32] Announcements. (2020, February 28). Retrieved from KrisEnergy Limited: https://www.krisenergy.com/default/assets/File/KrisEnergy%20Ltd_FY2019%20Results%2028Feb2020.pdf

    [33] Announcements. (2019, November 13). Retrieved from KrisEnergy Limited: https://www.krisenergy.com/default/assets/File/KrisEnergy%20Apsara%20WHP%20award%2013Nov2019.pdf

    [34] The effective date of Eneco Energy’s Reserves and Contingent Resources is 31 December 2018.

    [35] Eneco Energy Limited. (n.d.). Retrieved January 9, 2020, from:  http://www.enecoenergy.com/

    [36] Annual Report 2018. (n.d.). Retrieved from KrisEnergy Limited: http://www.enecoenergy.com/pdf/annual_reports/ar2018.pdf

    [37] Annual Report 2018. (n.d.). Retrieved from KrisEnergy Limited: http://www.enecoenergy.com/pdf/annual_reports/ar2018.pdf

    [38] Annual Report 2018. (n.d.). Retrieved from KrisEnergy Limited: http://www.enecoenergy.com/pdf/annual_reports/ar2018.pdf

    [39] Annual Report 2018. (n.d.). Retrieved from KrisEnergy Limited: http://www.enecoenergy.com/pdf/annual_reports/ar2018.pdf

    [40] Annual Report 2018. (n.d.). Retrieved from KrisEnergy Limited: http://www.enecoenergy.com/pdf/annual_reports/ar2018.pdf

    [41] Annual Report 2018. (n.d.). Retrieved from Alpha Energy Holdings Limited: https://www.alphaenergy.com.sg/

    [42] Annual Report 2018. (n.d.). Retrieved from Alpha Energy Holdings Limited: https://www.alphaenergy.com.sg/

    [43] Annual Report 2018. (n.d.). Retrieved from Alpha Energy Holdings Limited: https://www.alphaenergy.com.sg/

    [44] The effective date of Alpha Energy’s Reserves is 31st December 2018.

    [45] Announcements. (2018, May 22). Retrieved from Alpha Energy Holdings Limited: http://alphaenergy.listedcompany.com/newsroom/20180522_182540_5TS_KEARAD43UDTNHUDP.1.pdf

    [46] Support Infrastructure. (2020, April 29). Retrieved from Alpha Energy Holdings Limited: https://www.alphaenergy.com.sg/index.php?p=section&sub=article&articlegrppk=102&articlepk=211

    [47] Announcements. (2019, November 5). Retrieved from Alpha Energy Holdings Limited: http://alphaenergy.listedcompany.com/newsroom/20180522_182540_5TS_KEARAD43UDTNHUDP.1.pdf

    [48] Announcements. (2019, November 5). Retrieved from Alpha Energy Holdings Limited: http://alphaenergy.listedcompany.com/newsroom/20180522_182540_5TS_KEARAD43UDTNHUDP.1.pdf

    [49] Announcements. (2019, November 5). Retrieved from Alpha Energy Holdings Limited: http://alphaenergy.listedcompany.com/newsroom/20180522_182540_5TS_KEARAD43UDTNHUDP.1.pdf

    [50] Rex International Holding Limited. (n.d.). Retrieved January 9, 2020, from: http://www.rexih.com/

    [51] Announcements. (2019, June 24). Retrieved from Rex International Holding Limited: http://investor.rexih.com/newsroom/20190624_073239_5WH_LB55Y37H69ALE5T4.1.pdf

    [52] Announcements. (2019, October 16). Retrieved from Rex International Holding Limited: http://investor.rexih.com/newsroom/20191016_072456_5WH_ATOVY133KRWIB6J5.1.pdf

    [53] The effective date of Lime Petroleum AS’ Contingent Resources is 23 March 2020.

    [54] Annual Report 2019. (n.d.). Retrieved from Rex International Holding Limited: https://investor.rexih.com/misc/ar2019/20200415_RIH_2019AnnualReport_Final.pdf

    [55] Announcements. (2020, March 25). Retrieved from Rex International Holding Limited: https://investor.rexih.com/newsroom/20200325_204746_5WH_V8RHT6PS8ILI598G.1.pdf

    [56] Announcements. (2020, April 9). Retrieved from Rex International Holding Limited: https://investor.rexih.com/newsroom/20200409_123212_5WH_3XC3HS9MNX9H9VEB.1.pdf

    [57] Annual Report 2018. (n.d.). Retrieved from Rex International Holding Limited: http://rex.listedcompany.com/misc/20190328_RIH_Annual%20Report%202018.pdf

    [58] Annual Report 2018. (n.d.). Retrieved from Rex International Holding Limited: http://rex.listedcompany.com/misc/20190328_RIH_Annual%20Report%202018.pdf

    [59] Annual Report 2018. (n.d.). Retrieved from Rex International Holding Limited: http://rex.listedcompany.com/misc/20190328_RIH_Annual%20Report%202018.pdf

    [60] Announcements. (2019, November 26). Retrieved from Rex International Holding Limited: http://investor.rexih.com/newsroom/20191126_174455_5WH_SC8UE7F0I0Z4H6FX.1.pdf

    [61] Announcement. (2019, December 27). Retrieved from Rex International Holding Limited: http://investor.rexih.com/newsroom/20191227_121548_5WH_5AT63FI7LO1PVGTC.1.pdf

    [62] Announcements. (2020, February 17). Retrieved from Rex International Holding Limited: https://investor.rexih.com/newsroom/20200217_RIH_PressRelease_OmanOilFlow_Final.pdf

    [63] Annual Report 2019. (n.d.). Retrieved from Rex International Holding Limited: https://investor.rexih.com/misc/ar2019/20200415_RIH_2019AnnualReport_Final.pdf