Masirah Oil Limited-PRESS RELEASE
23 February 2016 - Masirah Oil Limited and its partners today announced that the drilling of exploration well Manarah-1 in Block 50 Oman has started on 21February 2016.
The prospect Manarah-1 is targeted for a depth more than 3km, and is located on a structural closure approximately 13km away from the earlier GAS-1 discovery well at a water depth of 23 metres. The well objective is to explore multiple target horizons in the central part of the Masirah basin.
The well location was selected by integrating conventional methodologies and the proprietary technology Rex Virtual Drilling.The well is being drilled using the independent leg cantilever jack-up drilling rig Aban VII.
The shareholders of Masirah Oil Limited are Rex Oman Ltd at 57.6 per cent, Lime Petroleum Plc at 6.4 per cent and Petroci at 36.0per cent.