UOB Kay Hian is keeping its “buy” recommendation on Rex International Holdings with an increased target price of 30 cents from 27 cents previously.

Following the successful test production of the Yumna 1 well (Yumna), the Ministry of Oil and Gas in Oman has awarded a declaration of commerciality (DOC) to Rex and approved the Field Development plan for Yumna Field.

See: Rex International gets Oman approval to fully develop oilfield

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