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PRODUCTION UPDATE - AUGUST 2023

Muscat, 11 September 2023: Masirah Oil Limited (“MOL”) today announced that gross production in August 2023 from the Yumna Field in offshore Block 50 Oman, amounted to an average of 1,837 stock tank barrels per day (stb/d) over 9 days (Full month average: 533 stb/d).


Production from the Yumna Field was halted from 9 August 2023, as a result of a confirmed leak on the flexible flowline from the Mobile Offshore Production Unit (MOPU) to the Floating, Storage and Offloading Unit (FSO). A more robust and larger flowline has been installed and production resumed on 3 September 2023. Maintenance works on the MOPU, originally scheduled to be undertaken in November 2023, were carried out during this stoppage period.


Gas lift* plans with the intention to rejuvenate production from Yumna-3 are expected to be executed by the third week of September 2023.


MOL is the Operator and holds a 100 per cent interest in Block 50 Oman.


*A gas lift, an alternative to the Electrical Submersible Pump (ESP), involves the injection of high-pressure gas into the production tubing to raise water or oil.


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