Rex International Holding has increased its effective stake in Masirah Oil Limited (MOL) from 61.76% to 72.03%.
The increase comes after Rex Oman, a wholly-owned subsidiary of the company, raised its stake in MOL from 57.06% to 69.06%.
Rex Oman subscribed to 3,908 out of 4,000 new MOL shares issued at US$1,426 each ($1,950) for a total of US$5.6 million ($7.7 million) as capital injection into MOL.
Prior to the subscription, Rex had an effective interest of 61.76% in MOL through direct interests of 57.06% and 6.4% in MOL held respectively by Rex Oman and Lime Petroleum Plc, the company’s 65% indirectly held jointly-controlled entity.
The remaining new MOL shares were subscribed by Petroci, an existing shareholder of MOL.
Rex says the capital injection was necessary to allow MOL to pursue its drilling activities and continue its operations in Oman, as well as for general working capital requirements.
MOL is the operator and holds 100% ownership in the close to 17,000 sq km Block 50 Oman concession, which has been identified as one of the group’s main focus going forward.
Rex is of the view that MOL has high potential for growth, as the discovery made in the concession in early 2014 was the first offshore discovery east of Oman, after 30 years of exploration activity in the area.
During a 48-hour test, hydrocarbons were flowed to the surface and the well achieved light oil flow rate of up to 3,000 stock tank barrels per day (stb/d) with no water production.
Shares of Rex closed 2.22% higher at 9 cents.
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The increase comes after Rex Oman, a wholly-owned subsidiary of the company, raised its stake in MOL from 57.06% to 69.06%.
Rex Oman subscribed to 3,908 out of 4,000 new MOL shares issued at US$1,426 each ($1,950) for a total of US$5.6 million ($7.7 million) as capital injection into MOL.
Prior to the subscription, Rex had an effective interest of 61.76% in MOL through direct interests of 57.06% and 6.4% in MOL held respectively by Rex Oman and Lime Petroleum Plc, the company’s 65% indirectly held jointly-controlled entity.
The remaining new MOL shares were subscribed by Petroci, an existing shareholder of MOL.
Rex says the capital injection was necessary to allow MOL to pursue its drilling activities and continue its operations in Oman, as well as for general working capital requirements.
MOL is the operator and holds 100% ownership in the close to 17,000 sq km Block 50 Oman concession, which has been identified as one of the group’s main focus going forward.
Rex is of the view that MOL has high potential for growth, as the discovery made in the concession in early 2014 was the first offshore discovery east of Oman, after 30 years of exploration activity in the area.
During a 48-hour test, hydrocarbons were flowed to the surface and the well achieved light oil flow rate of up to 3,000 stock tank barrels per day (stb/d) with no water production.
Shares of Rex closed 2.22% higher at 9 cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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