Rex International Holding’s 91.81%-owned subsidiary, Masirah Oil Limited, has started its multi-well programme in Oman’s offshore Yumna Field.
On March 28, Masirah Oil announced the spudding of the Yumna-5 well in Block 50 Oman, which Masirah Oil fully owns and operates.
The Yumna-5 well will be drilled at the crest of the structure to drain attic oil left unswept by current producers as part of a multi-well programme, which also includes the work-over of two existing production wells, Yumna-2 and Yumna-3.
Masirah Oil will provide updates upon the completion of the of the drilling campaign, which will take about 90 days.
Shares in Rex International Closed 0.6 cents higher or 4.84% up at 13 cents on March 28.
