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FINANCIAL NEWS
Oman extends deal with Masirah Oil till Mar 2020
08 Sep 2016
(MENAFN) Singapore”s Rex Intl” holding proclaimed that the Ministry of Oil and Gas has extended a deal with its subsidiary Masirah Oil by 2020.
Additionally, Masirah Oil aims to drill another exploration well in Block 50 in early 2017 and this will be the first well using the new multi-attribute version of Rex Virtual Drilling.
Accordingly, the firm moderated its drilling plans in the past year and will continue to be selective in undertaking new exploration drillings.
The Sultanate will generate positive cash flow at prevailing oil prices of almost USD40 and want to confirm that Rex will be in good stead to benefit.
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