Monday, 20 March 2017

Stock Market Today:Rex International subsidiary commences drilling of new exploration well in Oman

Oil company Rex International Holdings says Masirah Oil, its indirect wholly-owned subsidiary, has commenced the drilling of exploration well Karamah 1 in Oman's Block 50.

Referring to a press release issued last Friday by Masirah, Rex International recalls that the prospect, Karamah, is targeted for a depth of about 3 km, and is located on a structural closure approximately 13 km away from the earlier GAS-1 discovery well at a water depth of 23 metres.

The well objective is to explore multiple target horizons of the Early Tertiary and Late Cretaceous formations. Its location was selected by integrating mainly the geological understanding and the proprietary multi-attribute Rex Virtual Drilling technology.

The group adds that the well is being drilled using the independent leg cantilever jack-up drilling rig Aban VII, which was also used in Masirah's earlier drilling campaigns.

Rex International has stakes in exploration assets in the Oman, Norway, the US and Trinidad & Tobago covering an aggregate area of over 19,000 sq km in total.

This includes the group's 85.15% interest in Masirah - where Schroder & Co Banque S.A., Lime Petroleum and Petroci Holdings own a 5%, 1.45% and 8.39% stake respectively.Shares of Rex International closed 1.5% lower at 7 cents on Friday.

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