Recently, Rex International Holding Limited, the majority shareholder in Masirah Oil Limited (MOL) — which has a 100 per cent interest in the offshore Block 50 enveloping Masirah Island — said it is on track to bringing its landmark ‘GA South Discovery’ — the first of its kind off Oman’s eastern seaboard — into production before the end of this year. Singapore-listed Rex International — well-known for its proprietary Rex Virtual Drilling technology — has a 92.65 per cent shareholding in Masirah Oil Limited, the license holder of Block 50 (also known as ‘Masirah Block’) under an Exploration & Production Sharing Agreement (EPSA) signed with Oman’s Ministry of Oil and Gas.
The reaffirmation of its commitment to Block 50 follows the successful monetisation of its Norway assets, which helped “recharge” the company’s “war chest”, in turn boding well for its strategy to put its Oman discovery into production, said Rex in a statement.
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