About

Overview

Masirah Oil Ltd (“MOL”) holds 100 per cent of the Block 50 Oman, an approximately 17,000 sq km offshore concession located in Gulf of Masirah, east of Oman. First oil was achieved in Block 50 in February 2020 and the approval of Field Development Plan for the Yumna Field and the award of Declaration of Commerciality ("DOC") were obtained on 12 July 2020. The DOC will enable MOL to fully develop the Yumna Field while continuing to explore the rest of Block 50 Oman.

MOL is a subsidiary of Rex International Holding Ltd (“Rex”), which holds an effective interest of 86.37 per cent through its indirect wholly-owned subsidiary Rex Oman Ltd. Other shareholders of MOL include Schroder & Co Banque S.A. at 8.82 per cent and PETROCI, the national oil company of Cote D’Ivoire, at 1.83 percent.

About Rex

Rex is an oil exploration and production company listed on Singapore Exchange Securities Trading Limited’s Catalist Board.  The Company de-risks its portfolio of exploration and development assets using its proprietary liquid hydrocarbon indicator Rex Virtual Drilling technology. Rex is active in Oman and Norway through its subsidiaries Masirah Oil Ltd and Lime Petroleum AS respectively.

Masirah Oil Organisation Chart
All percentages represent effective equity interest in significant and core entities held by the Group as at 9 October 2020.

Rex International Holding Limited is an oil exploration and production company listed on Singapore Exchange Securities Trading Limited's Catalist Board.

Lime Petroleum AS is an Oslo-based pre-qualified oil exploration company established in 2012, with a portfolio of licences focusing on mature areas close to existing oil and gas infrastructure in the Norwegian Continental Shelf. Lime owns 30% of the Shrek discovery.

Rex Technology Management is the technology arm of the Rex Group which offers Rex Virtual Drilling screening services to oil exploration companies around the world.