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

Energy

China's Navy holds Missile Combat Resupply Drill

China's navy held its first drill simulating the resupply of missiles in a combat environment in the Yellow Sea, the Defence Ministry said on Thursday, the latest

Qatar Navigation Absorbs Balance of SocGen Gasships

Qatar Navigation (Milaha) said on Thursday its unit Qatar Shipping Company had acquired the remaining 60 percent interest in two firms which own Liquefied Natural

GasLog Partners To Buy Three Vessels

GasLog Partners LP and GasLog Ltd. announced today the closing of the Partnership’s acquisition from GasLog of 100% of the ownership interests in the entities

News

SAFE Boats Bags Homeland Security Order

Production of Customs and Border Protection’s coastal interceptor vessels to commence immediately   SAFE Boats International informs it has been awarded a contract from U.

Container Equipment Costs at Record Low

Low material costs and stable demand has driven the price of new container equipment down to record lows where it is forecast to stay, according to the latest edition

Ardmore Shipping Takes Tanker Delivery

Ardmore Shipping Corporation took delivery of the newbuild product and chemical tanker vessel Ardmore Seafox on June 25, 2015, the company announced today. The 49,

Offshore Energy

Petrobras hands over Campos basin stake to PetroRio

Petrobras today signed with PetroRio S.A. (‘PetroRio’) the contracts for the sale of 20% of its stake in the concessions of Bijupirá and Salema fields, currently operated by Shell.

Damen, AMELS sell YSV with Heli Hanger

The sale of a new 69-metre Yacht Support vessel marks the next level of development for the successful Yacht Support range built by DAMEN in cooperation with Dutch luxury yacht builder AMELS.

Shell Green Lights GoM Field After Cost Cuts

Royal Dutch Shell has given the green light for the development of its largest platform in the Gulf of Mexico after making steep cost cuts which made the deep water

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Pipelines Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Winch
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: 0.2716 sec (4 req/sec)