Masirah Oil Spuds Manarah-1 Prospect in Oman's Offshore Block 50

Rex International Holding Limited (Rex International Holding, Rex or the Company, and together with its subsidiaries, the Group), a new-generation technology-driven oil company, referred Friday to the Feb. 23 press release issued by Masirah Oil Limited (MOL), in which the Group has a 61.76 percent effective interest. The MOL press release announced the following:

“Feb. 23, 2016 - Masirah Oil Limited and its partners today announced that the drilling of exploration well Manarah-1 in Block 50 Oman has started on Feb. 21 2016.

The prospect Manarah-1 is targeted for a depth of more than 1.8 miles (3 kilometers), and is located on a structural closure approximately 8 miles (13 kilometers) away from the earlier GAS-1 discovery well at a water depth of 75 feet (23 meters). The well objective is to explore multiple target horizons in the central part of the Masirah basin.

The well location was selected by integrating conventional methodologies and the proprietary technology Rex Virtual Drilling. The well is being drilled using the independent leg cantilever jackup Aban VII (250' ILC).

The shareholders of Masirah Oil Limited are Rex Oman Ltd at 57.6 per cent, Lime Petroleum Plc at 6.4 per cent and Petroci at 36.0 per cent.”

Rex Oman Ltd. is the Company’s indirect wholly-owned subsidiary. Together with the Company’s 65 percent indirect interest in Lime Petroleum Plc, the Company’s effective interest in MOL is 61.76 percent.

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