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MarketScreener Homepage  >  Equities  >  SINGAPORE EXCHANGE  >  Rex International Holding Ltd    REXI   SG2G04994999

REX INTERNATIONAL HOLDING LTD

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Rex International : aims Oman oil production in H2,2019

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10/06/2018 | 08:49am EDT

Singapore-based Rex International Holding Limited, a majority shareholder in Oman'sMasirah Oil Limited, that it aims to commence production from its Block 50 Oman oilfield in the second half of 2019, starting with a production at 5,000 bpd.

Currently, Rex owns a 92.7 per cent direct stake in this oilfield.

The key milestones before the commencement of production include: independent report on the oilfield; declaration of commerciality (DOC) by the Oman government; exercise of the option to buy a 25 per cent stake by the Oman government; and appointment of oil-producing contractor, Rex said in a statement.

Block 50 is an offshore concession located off Masirah Island on the Sultanate’s eastern seaboard. Block 50 is home to the GA South-1 discovery, where evidence was uncovered in February 2014 of the presence of the first working petroleum system off the Sultanate’s east coast, said a report in Oman Daily Observer.

tradearabia

(c) 2018 CNPHUB - All Rights Reserved Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Managers
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Måns Nicklas Lidgren Chief Executive Officer
Dan Broström Chairman
Svein Helge Kjellesvik Chief Operating Officer
Per Lind Chief Financial Officer
Lina Erika Rebecka Lidgren Berntsen Chief Technology Officer
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