Rex Group Completes Drilling of First Oman Exploration Well

SeaDiscovery.com
Thursday, December 26, 2013

Rex International Holding Limited, one of the largest companies listed on the Catalist of the Singapore Exchange Securities Trading Limited, referred to the announcement issued on December 24, 2013 in which Masirah Oil Limited, a 64% owned subsidiary of its jointly-controlled entity, Lime Petroleum Plc , had suspended, for safety reasons, drilling of its first exploration well, Masirah North North #1 in Block 50 Oman for further evaluation. The MNN #1 well was drilled to a total depth of approximately 1,000 meters below mean sea level. Mud losses in two carbonate sections of the well prevented Masirah from drilling to its planned target depth.

Rex International Holding Executive Chairman, Dan Broström, said, “Even though the suspension of the drilling campaign was not caused by the use of Rex Technologies (Rex Virtual Drilling), we are of course disappointed that we did not reach the target area. The portion that was drilled coincide with the result using Rex Virtual Drilling. We have of course no way of validating Rex Virtual Drilling from the portion that was not drilled before the suspension. The collected data from the coring and logging programs will now be used to refine the geological understanding of the area. Efforts will also be made to take all possible safety measures from our learnings from MNN #1. To Rex International Holding, Block 50 in Oman is a very valuable asset so the operational difficulties encountered in MNN #1 has in no way lessened our resolve to be able to complete a successful drilling campaign. It is however imperative that we now carefully contemplate the next well to be drilled by Masirah to give us assurance we will reach the targeted depth. This will be done during the next two weeks.

Rex International Holding has already validated Rex Virtual Drilling in our drilling campaign in the U.S. and hopes to add to that with the start of its drilling campaign in Trinidad and Tobago in 1st Quarter 2014. We are also very hopeful to be able to add new concessions to our portfolio in Norway, through the new Awards in Predefined Areas (APA) round that is expected to be announced around 21 January 2014. For 2014, in addition to the onshore drilling mentioned above, Rex International Holding plan to drill a number of wells in Norway, Europe, Middle East and South East Asia all of which have been identified using Rex Virtual Drilling.”

rexih.com
 

Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Energy

Icebreakers Ordered for Neft’s Novy Port Project

Aker Arctic’s icebreaker design selected for Gazprom Neft’s Novy Port project   Aker Arctic and Vyborg Shipyard have confirmed a contract for the design of two

MacGregor's Pusnes bow loading systems for Suezmax Tankers

MacGregor, part of Cargotec, has secured contracts to supply Pusnes bow loading systems for three newbuild shuttle tankers intended for operations in Brazilian waters.

SEACOR Marine Sweeps NOIA SIS Awards

The National Ocean Industries Association (NOIA) today presented SEACOR Marine with the 2015 NOIA Safety in Seas (SIS) Culture of Safety Award and Safety Practice Award.

News

China Snubs G7 Declaration on Sea Row

Reacting to recent declaration of  the Group of Seven (G7) major nations' Foreign Ministers on maritime , China said “the situation of this region is generally stable,

Liner Service Reliability Jumps to 64%

According to Drewry Supply Chain Advisors, liner shipping service reliability on the three East-West trades showed an aggregate on-time performance of 64% in March - a five-month high.

Suezmax Tankers Bullish

Global fixture activity for suezmax crude tankers rose in the first quarter by 5% year on year, with most of the activity coming out of West Africa.   Suezmax

Offshore Energy

Royal IHC Launches Sister Pipelay Vessels

Netherlands-based Royal IHC today named and launched new pipelaying sister vessels, Sapura Jade and Sapura Ônix, in ceremonies at the company’s shipyard in Krimpen aan den IJssel, The Netherlands.

CWind Orders Four Crew Transfer Vessels

CWind, a provider of services to the offshore wind industry, has placed an order for four new crew transfer vessels from Aluminium Marine Consultants (AMC), a shipbuilding

Steelhead Introduces a New Yacht Crane

Steelhead Marine, a North American crane manufacturer, has expanded its product offering with the launch of the new E Series 1000 crane. Suited for commercial and recreational vessels,

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1828 sec (5 req/sec)