Masirah Oil-parent raises $25mn for Block 50 drilling campaign offshore Oman

10/12/2025 03:56 AST

Singapore-based Rex International Holding has announced that its subsidiary, Jasmine Energy Limited, has successfully raised $25mn through senior secured bonds with a three-year tenor to support a drilling campaign in Oman's offshore Block 50.

The offshore Block 50 concession is a key asset of Rex International Holding and is operated by its subsidiary Masirah Oil Limited. The approximately 17,000sqkm offshore block is located in the Gulf of Masirah, east of Oman.

Proceeds from the bond issuance will be used to fund a three-well drilling campaign in 2026 and for general corporate purposes by Masirah Oil, an indirect 87.5% subsidiary of Jasmine Energy Limited, Rex International Holding said in a statement on its website.

Per Lind, interim Chief Executive Officer of Rex International Holding, said, "The successful completion of the bond issue is timely and will allow us to proceed with our planned drilling campaign, which aims to drill new producer wells to increase oil flow rates in the Yumna Field in Block 50, Oman. The campaign is targeted to start in the first quarter of 2026. We are pleased to have received strong support from bondholders, given our track record of increasing reserves volumes in the mature Yumna Field."

"With strengthened income from oil production from the new producer wells, we will continue our efforts to extend the lifetime of the field, in line with our commitment to creating long-term value for our stakeholders," he added.

The company said the settlement of the bonds is expected to take place on December 12, 2025. The bonds will carry a coupon of 14%. Closing and drawdown are subject to certain conditions and approvals.

Rex International Holding is a multinational oil exploration and production company listed on the Mainboard of Singapore Exchange Securities Trading Limited. The group has interests in exploration and production licences in Norway, Germany, Oman and Benin, and holds operatorship for assets in Oman, Benin and Germany.

Its subsidiary Masirah Oil holds a 100% interest in Block 50 in Oman. First oil was achieved in Block 50 in February 2020, and approval of the Field Development Plan for the Yumna Field, along with the Declaration of Commerciality (DOC), was obtained in July 2020. The DOC enables Masirah Oil to fully develop the Yumna Field while continuing to explore the remainder of Block 50.

Muscat Daily