Masirah Oil Raises Nearly $13M to Fund Drilling Activities Offshore Oman

Singapore-listed Rex International Holding Limited's indirect wholly-owned unit Rex Oman Ltd. completed Sunday the suscription of new shares in Masirah Oil Ltd. (MOL) Nov. 12, the company said Monday.

Rex Oman subscribed to 5,760 of the 9,000 new MOL shares at $1,426 per share, for a total amount of $8,213,760, as capital injection into the 64 percent-owned subsidiary of Lime Petroleum Plc (Lime), Rex International’s 65 percent indirectly held jointly-controlled entity. The remaining 3,240 new MOL shares were subscribed by Petroci, an existing shareholder of MOL, in proportion to its current equity interest in MOL of 36 percent, bringing the total amount raised to $12,834,000.

According to Rex International, the capital injection was necessary to allow MOL to pursue its drilling activities and continue its operations in Oman, as well as for general working capital requirements.

MOL, operator and 100 percent owner of the Block 50 Oman, plans to drill up to three wells in 2015 and 2016 in the offshore concession, where it made the first offshore discovery in early 2014 eas of Oman, after 30 years of exploration activity in the area.

"The Board considers the Capital Injection to be in the interest of and beneficial to the Group as MOL is the operator and holds 100 percent ownership in the close to 6,564 square mile (17,000 square kilometer) Block 50 Oman concession, which has been identified as the Group’s main focus going forward," Rex International said in the press release.

Upon completion of the capital injection, Rex Oman will hold approximately 57.60 percent direct interest in the enlarged issued and paid-up share capital of MOL, while Lime and Petroci has the remaining 6.4 percent and 36 percent interest, respectively.

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