Masirah Moves to Next Stage of Work Program for Oman's Offshore Block 50



Rex International Holding Limited (Rex International Holding or the Company, and together with its subsidiaries, the Group), one of the largest companies listed on the Catalist of the Singapore Exchange Securities Trading Limited, referred Thursday to the March 6 press releases issued by Masirah Oil Ltd (Masirah), a 64 percent indirectly owned subsidiary of its jointly-controlled entity, Lime Petroleum Plc (Lime), which announced the following:

"Muscat, March 6: Masirah Oil Limited (Masirah) today announced the test flow rates of the previously announced discovery at the second exploration well in Block 50 Oman, were very encouraging.

The exploration well was drilled to its final depth into the Cambrian formation. The key objectives of the exploration well were to prove the presence of movable hydrocarbons and a working petroleum system within the block. Several zones in the well show evidence of hydrocarbon presence.

During a 48-hour test, hydrocarbons were flowed to the surface and the well achieved light oil flow rate of up to 3,000 stock tank barrels per day (stb/d) with no water production.

This is the first offshore oil discovery in the east of Oman after more than 30 years of exploration activities.

Hans Lidgren, chairman of Masirah, said, “The second exploration well produced at high and stable rates and the well is currently suspended. The successful testing will allow us to deepen our knowledge and understanding of the offshore geology in the east of Oman and assist in our decisions on our further exploration, appraisal and development plans for this 6,563 square miles (17,000-square-kilometer) block.

“We are excited to continue to collaborate closely with the Ministry of Oil and Gas in Oman and our ultimate shareholders Rex International Holding Ltd in Singapore, Hibiscus Petroleum Berhad in Malaysia and PETROCI the National Oil Company of Cote D`Ivoire,” he added."


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