First Successful Flow Test from East of Oman in 30 Years
Masirah Oil Limited announced the testflow rates of the previously announced discovery at the second exploration well in Block 50 Oman, were very encouraging. The exploration well was drilled to its final depth into the Cambrian formation. The key objectives of the exploration well were to prove the presence of movable hydrocarbons and a working petroleum system within the block. Several zones in the well show evidence of hydrocarbon presence. During a 48-hour test, hydrocarbons were flowed to the surface and the well achieved light oil flow rate of up to 3000 stock tank barrels per day (stb/d) with no water production. This is the first offshore oil discovery in the east of Oman after more than 30 years of exploration activities.
Oil Discovered in Second Oman Exploration Well
Masirah Oil Limited has announced the successful reach of the well target depth in the second exploration well in Block 50 Oman to its final depth of >3,000 metres into the Cambrian formation. Hydrocarbons were discovered in several formations with good oil sample extracted. The well will undergo data acquisition before setting the completion for testing. The well was drilled using the independent leg cantilever jack-up drilling rig Aban VII. Mr Hans Lidgren, Chairman of Masirah…
Rex International Wins 5 Offshore Norway Licenses
The Group’s portfolio of licenses increased to 21, well ahead of its target of 20 licences by July 2014. Rex International Holding Limited (“Rex International Holding” orthe “Company”, and together with its subsidiaries, the “Group”), has announced that its jointly-controlled entity, Lime Petroleum Norway AS (“Lime Norway”) has been awarded five newoffshore licenses in the 2013 Awards in Predefined Areas (APA 2013), according to a Norwegian Ministry of Petroleum and Energy press release dated 21 January 2014. The APA 2013 saw 48companies being offered participation in a total of 65 new production licenses on the Norwegianshelf; a new record both in the number of production licenses and the number of companies.
Rex International Joint Entity Spuds First Well in Oman
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.
Lime Petroleum Receives Approval for Acquisition
Rex International Holding said its 65% indirectly owned subsidiary, Lime Petroleum Norway AS, has received approval from the Norwegian Ministry of Petroleum and Energy for the acquisition of 10% interest in each of the two offshore licenses, PL 707 and PL 708, from North Energy ASA. Lime’s 10% interest in each of PL707 and PL708 will become effective from November 29, 2013. The acquisition of the 10% interest in the two licenses is a result of the cooperation agreement between Lime and North Energy. Both concessions are located in the Barents Sea, in proximity to the coast on the Finnmark East platform. PL707 covers an area of about 982 square kilometers while PL708 covers an area of about 507 square kilometers.
