Rex International Holding Limited, one of the largest companies listed on the Catalyst of the Singapore Exchange Securities Trading Limited, announced that its jointly-controlled entity, Lime Petroleum Plc, through its subsidiary Masirah Oil Ltd., has begun drilling and exploration well in Masirah North North #1 (MNN #1), located in the Block 50 Oman concession, on November 25, 2013. This is part of a two-well drilling program in the concession.
The prospect MNN #1, which is about 1,000 meters in depth, was selected for drilling after in-depth technical evaluation and verification using the proprietary Rex Virtual Drilling technology, in addition to confirmations provided via conventional methodologies. The prospect is located in the northern area of the Block 50 Oman concession which is about 17,000 square kilometers in size. The well is being drilled using the independent leg cantilever jack-up drilling rig Aban VII.
Rex International Holding holds a 65% stake in Lime. Lime, through Masirah, has a 64% participating interest in the Block 50 Oman concession, while Petroci Holding, the national oil company of Ivory Coast, has a 36% participating interest.