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Friday, September 12, 2014

Rex International wins Offshore Discovery of the Year award for discovering Block 50 Oman


Rex International Holding said that Masirah Oil, a 64% indirectly owned subsidiary of its jointly-controlled entity, Lime Petroleum Plc, has won the Offshore Discovery of the Year award for discovering hydrocarbons in its second offshore exploration well in Block 50 Oman in February 2014.

The award was one of six awards presented in conjunction with the launch of the Oil & Gas Year Oman 2014 energy report, a flagship title of Wildcat International, a publisher of business intelligence resources, produced in partnership with the Ministry of Oil and Gas and OPAL (Oman Society for Petroleum Services).

Hans Lidgren, Chairman of Masirah, said, “We are very honoured to be recognised for our oil discovery in Block 50 Oman and are pleased to contribute to the deepening of knowledge about the offshore area in the east of Oman, where no discovery has been made before this. Together with our shareholders Rex International Holding Limited in Singapore, Hibiscus Petroleum Berhad in Malaysia and PETROCI, the National Oil Company of Côte d’Ivoire, we look forward to continue to work closely with the Ministry of Oil and Gas in Oman to prove up more value in our asset.”

Dan Broström, Executive Chairman of Rex International Holding, said, “We view this award as another feather in the cap for our proprietary direct hydrocarbon indicator, Rex Virtual Drilling, and are encouraged by the increased interest from new and existing partners who want to work with us. We note that in the Ministry of Oil & Gas’ early August invitation to oil and gas companies to participate in the upcoming Oman Bid Round 2014, two of the five concessions are offshore, and one of them is adjacent to Block 50 Oman.”

Rex International Holding holds an indirect 65% stake in Lime while Hibiscus Petroleum Berhad indirectly holds the remaining 35% stake. Lime holds a 64% stake in Masirah while PETROCI, the National Oil Company of the Ivory Coast (also known as Côte d’Ivoire), has a 36% participating interest in Masirah. Masirah holds 100% of the Block 50 Oman concession.

On 2 September 2014, Rex International Holding announced that it had signed a sale and purchase agreement to acquire 100% shareholding interest in Rex Technology Management Ltd, including the latter’s suite of proprietary and innovative exploration technologies, Rex Technologies comprising Rex Gravity, Rex Seepage, and Rex Virtual Drilling, of which the Company is the exclusive licensee, at a nominal price of US$1 and a loan repayment of US$8.5 million. The acquisition is expected to be completed by 1 December 2014.

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