Masirah Suspends MNN #1 Well in Oman's Block 50 for Safety Reasons

Singapore-listed exploration and production firm Rex International Holding (the Company and together with its subsidiaries, the Group) refers Tuesday to the press release issued Nov. 25 and wishes to update that Masirah Oil Limited (MOL), a 64-percent owned subsidiary of its jointly-controlled entity, Lime Petroleum Plc (Lime), has suspended, for safety reasons, its first exploration well, Masirah North North #1 (MNN #1) in Block 50 Oman for further evaluation. The MNN #1 well was drilled to a total depth of approximately 3,280 feet (1,000 meters) below mean sea level. Mud losses in two carbonate sections of the well prevented MOL from reaching its planned target depth.

A comprehensive data acquisition coring and logging program of the formations that were drilled was completed Dec. 21.

Data analysis indicates presence of non-commercial hydrocarbons.

Datasets acquired from the coring and logging programs are now being utilized to refine the geological understanding of the area. In addition, the information acquired has assisted all partners in the Oman Block 50 project to identify a second exploration well as the next drilling location. It is anticipated that drilling at this location will commence within the next two weeks.


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