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Rex Awards Drilling Rig Contract in Oman

Source: 11/25/2020, Location: Middle East

Rex International Holding Limited, a technology-driven oil company, is pleased to refer to the 25 November 2020 press release issued by its 86.37 per cent subsidiary Masirah Oil Ltd, which announced the following:

“Muscat, 25 November 2020: Masirah Oil Limited has awarded a drilling rig contract to Shelf Drilling, to utilise the Tenacious jackup rig, to drill two development wells and one exploration well in Block 50 Oman.

The drilling is expected to commence in December 2020.

Masirah Oil holds a 100 per cent interest in Block 50 Oman.”

Mr Dan Broström, Executive Chairman of Rex, said, “With the permanent Yumna 1 production facilities in production and sale of the Masirah crude since April 2020, our next short-term focus would be to drill two development wells to boost production. The average oil price per barrel between July and September 2020 has been US$43, which is 46 per cent higher than the average oil price per barrel between April and June 2020.”

Mr Dan Broström added, “Following the development wells, an exploration well, the location of which is to be selected from 14 previously identified prospects near the Yumna Field, is slated to be drilled in 2021. A discovery in this exploration well will enable us to put together further development plans and potentially convert more prospective resources near the Yumna Field into additional reserves.”

An independent qualified person’s report (“QPR”) by RPS Energy Consultants Ltd for the Yumna Field in Block 50 Oman dated 26 October 2020 had placed 2P reserves in the Yumna Field at 9.6 MMstb as at 1 July 2020, after producing 1.05 MMstb up to 30 June 2020. The QPR, which covered only the Yumna Field and surrounding areas, over which a 1,500-square kilometre seismic study, or 9 per cent of the 16,903-square kilometre Block 50, had previously been conducted, also included an evaluation of prospective resources in 14 oil prospects identified within the area of the 3D seismic coverage, estimated to have 152.3 MMstb, a sum of best estimate gross unrisked prospective resourcesfor each prospect. A QPR done by Aker Geo and Pareto Asia dated 28 February 2012, had estimated the sum of best estimate gross unrisked prospective resources in the entire Block 50 to be over 4 billion barrels.

Rex’s 86.37 per cent subsidiary, Masirah Oil Limited, which holds a 100 per cent interest in Block 50 Oman, is also the operator.

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