Milestones

Masirah Milestones

2020
  • July: Declaration of Commerciality ("DOC") is obtained for the Yumna Field in July 2020. The DOC will enable Masirah Oil ("MOL") to fully develop the Yumna Field while continuing to explore the rest of Block 50 Oman.
  • February: MOL completes the Yumna 1 well and achieves first oil flow. The well tested at a production rate of 11,843 stock tank barrels of oil per day through a 1-inch choke.
  • January: MOL announces the completion of its investment round, which raised a total of US$21.5 million.
2019
  • December: MOL announces the spudding of Yumna 1 well which is being drilled to appraise the Yumna oil field.
  • December: MOL raises additional amount of approximately US$17.00 million from subscription agreements signed with Rex Oman Ltd (on 24 December 2019), Schroder & Co Banque S.A. and a member of the management team of MOL (on 20 December 2019).
  • December: Trace Atlantic Oil Ltd enters into subscription agreement with MOL subscribe for 9,421 MOL preference shares for an aggregate amount of approximately US$4.50 million.
  • November: MOL awards a floating storage and offloading ("FSO") vessel contract to Wings Offshore Pte Ltd for the Mt Bull Papua which is an Aframax tanker with a storage capacity of more than 700,000 barrels. The FSO will be used to store crude oil that will be produced during the early appraisal phase of the Yumna (previously known as GA South) field in Block 50 Oman.
  • November: MOL awards a drilling rig contract to Foresight Offshore Drilling Limited S.A., to utilise the Foresight Driller IX jackup rig, to drill one appraisal well in Block 50 Oman.
2017
  • August: Rex International Holding injects capital into MOL, increasing effective interest to 92.24%.
  • May: The Karamah # well is drilled; further proving prospectivity and presence of an active petroleum system in Block 50.
  • April: Rex International Holding injects capital into MOL, increasing effective interest to 88.90%.
  • January: Rex International Holding injects capital into MOL, increasing effective interest to 85.15%.
2016
  • December: Rex International Holding injects capital into MOL, increasing its interest to 85.15 per cent.
  • September: The Exploration and Production Sharing Agreement (EPSA) for Block 50 is extended for another three years to March 2020.
  • August: Rex International Holding injects capital into Masirah Oil Ltd, increasing effective interest to 76.68%.
  • April: Drilling of the Manarah-1 well confirms presence of source rock and petroleum system in the block.
  • March: Rex International Holding injects capital into MOL, increasing effective interest to 72.03 per cent.
2014
  • September: Masirah Oil Limited receives the prestigious Offshore Discovery of the Year award for discovering hydrocarbons in its second offshore exploration well in Block 50 Oman in February 2014. The award was one of six awards presented in conjunction with the launch of the Oil & Gas Year Oman 2014 energy report, a flagship title of Wildcat International, a publisher of business intelligence resources, produced in partnership with the Ministry of Oil and Gas and OPAL (Oman Society for Petroleum Services).
  • March: The Exploration and Production Sharing Agreement for the Block 50 is renewed.
  • February: MOL announces oil discovery in Oman.
2013
  • December: Second offshore well is drilled in Block 50.
  • November: First offshore well is drilled in Block 50.