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 Tuesday to the Dec. 2 press release issued by Masirah Oil Ltd. (Masirah), a 64 percent indirectly owned subsidiary of its jointly-controlled entity, Lime Petroleum Plc (Lime):
Masirah Oil Ltd (Masirah or the Company) announced that it has commissioned a new 3D seismic survey in Block 50 Oman. The seismic survey, will be undertaken by Dolphin Geophysical ASA with its vessel, Artemis Arctic. The seismic survey commenced in November and is scheduled to be completed within approximately 45 days following mobilization.
Hans Lidgren, chairman of Masirah, said, “The data collected will help increase our understanding of the geology in the area and provide more information for the use of Rex Virtual Drilling to select prospects for our planned multi-well exploration drilling program in 2015 and 2016.”
Dan Brostrom, executive chairman of Rex International Holding, said, “We are pleased to note that plans for Block 50 Oman are on track. Given that Block 50 Oman covers a large area of close to 6,563 square miles (17,000 square kilometers), information from the seismic survey will value-add to the extended well testing and multi-well campaign targeted to be carried out in the block in 2015 and 2016.”
Rex International Holding holds an indirect 65 percent stake in Lime while Hibiscus Petroleum Berhad indirectly holds the remaining 35 percent stake. Lime holds a 64 percent stake in Masirah while PETROCI, the National Oil Company of the Ivory Coast (also known as Cote d’Ivoire), has a 36 percent participating interest in Masirah. Masirah holds 100 percent of the Block 50 Oman concession.
In September, Masirah Oil was conferred the prestigious Offshore Discovery of the Year award for discovering hydrocarbons in its second offshore exploration well in Block 50 Oman in February. The award was one of six awards presented in conjunction with the launch of the Oil & Gas Year Oman 2014 energy report, a flagship title of Wildcat International, a publisher of business intelligence resources, produced in partnership with the Ministry of Oil and Gas and OPAL (Oman Society for Petroleum Services).
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