Milestones

Issued a summary Qualified Person’s Report (QPR) for the Yumna Field in Block 50 Oman.

Completed the 4Q 2022 drilling campaign which consisted of a workover of the Yumna-3 well to replace the electrical submersible pump and drilling of the Yumna-4 well, which was completed for production.

Commenced drilling of dual-objective appraisal / exploration well in the Yumna Field, to test the eastern extension of the Yumna Field which is productive from the Aruma Formation and to deepen the exploration objective in a structural closure in the Khufai Formation at about 3,000 metres.

Completed change-out of the Mobile Offshore Production Unit (MOPU) with upgraded facilities on-board.

Completed change-out of the Floating Storage Tanker. The replacement will allow for the tanker to be in the field for several years without the need for dry-docking.

Issued a summary Qualified Person’s Report (QPR) for the Yumna Field in Block 50 Oman.

Completed 12 liftings during the year.

MOL completes drilling of three exploration prospects near the Yumna  Field. The results confirmed the extents of good quality Lower Aruma  sandstone and will help to refine understanding of the trap mechanisms  in the area.

MOL announces the completion of the upgrade to the Yumna Field process  facilities with increased liquid handling capacity on the Mobile  Offshore Production Unit (MOPU).

Yumna 3 well commences production.

Yumna 2 well commences production.

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.

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.

MOL announces the completion of its investment round, which raised a total of US$21.5 million.

MOL announces the spudding of Yumna 1 well which is being drilled to appraise the Yumna oil field.

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).

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.

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.

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.

Rex International Holding injects capital into MOL, increasing effective interest to 92.24%.

The Karamah # well is drilled; further proving prospectivity and presence of an active petroleum system in Block 50.

Rex International Holding injects capital into MOL, increasing effective interest to 88.90%.

Rex International Holding injects capital into MOL, increasing effective interest to 85.15%.

Rex International Holding injects capital into MOL, increasing its interest to 85.15 per cent.

The Exploration and Production Sharing Agreement (EPSA) for Block 50 is extended for another three years to March 2020.

Rex International Holding injects capital into Masirah Oil Ltd, increasing effective interest to 76.68%.

Drilling of the Manarah-1 well confirms presence of source rock and petroleum system in the block.

Rex International Holding injects capital into MOL, increasing effective interest to 72.03 per cent.

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).

The Exploration and Production Sharing Agreement for the Block 50 is renewed.

MOL announces oil discovery in Oman.

Second offshore well is drilled in Block 50.

First offshore well is drilled in Block 50.