Drilling of new exploration well in Block 50 starts

Business Reporter - MUSCAT, MARCH 21 - Masirah Oil Limited and its partners have announced that the drilling of exploration well Karamah-1 in Block 50 Oman has commenced. 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, the company said in a press statement. The well’s location was selected by integrating mainly the geological understanding and the proprietary multi-attribute Rex Virtual Drilling technology. The well is being drilled using the independent leg cantilever jack-up drilling rig Aban VII which was also used in earlier Masirah drilling campaigns. The shareholders of Masirah are Rex Oman Ltd at 85.15 per cent, Schroder & Co Banque SA at 5.00 per cent, Lime Petroleum Plc with effective shareholding at 1.45 per cent and Petroci Holdings at 8.39 per cent.