Drilling Commences at Masirah North North #1 Well in Oman Block 50

Rex International Holding Limited (Rex International Holding or the Company, and together with its subsidiaries, the Group), announced Monday that its jointly-controlled entity, Lime Petroleum Plc (Lime), through its subsidiary Masirah Oil Ltd (Masirah), has begun drilling an exploration well in Masirah North North #1 (MNN #1), located in the Block 50 Oman concession, Nov. 25. This is part of a two-well drilling program in the concession off Oman.

The prospect MNN #1, which is about 3,280 feet (1,000 meters) in depth, was selected for drilling after in-depth technical evaluation and verification using the proprietary Rex Virtual Drilling technology, in addition to confirmations provided via conventional methodologies. The prospect is located in the northern area of the Block 50 Oman concession which is about 6,563 square miles (17,000 square kilometers) in size. The well is being drilled using the jackup Aban VII (250' ILC).

Rex International Holding holds a 65 percent stake in Lime. Lime, through Masirah, has a 64 percent participating interest in the Block 50 Oman concession, while Petroci Holding, the national oil company of Ivory Coast, has a 36 percent participating interest.

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