Rex International Secures Jack-Up Drilling Rig for Multi-Well Programme in Yumna Field, Oman

Key Developments

• Rex International Holding Limited (“Rex” or the “Group”) announced that its indirect subsidiary, Masirah Oil Limited (MOL), has secured a contract for the Energy Emerger jack-up drilling rig.
• The rig is operated by Northern Offshore Drilling Operations Ltd. and will be used to drill three new development wells in the offshore Yumna Field, Block 50, Oman.
• The drilling programme is scheduled to commence in March 2026. The same rig was used in MOL’s successful 2024 drilling campaign.
• MOL is a subsidiary of Jasmine Energy Limited (JEL), with MOL being an indirect 87.5% subsidiary of JEL.
• MOL holds a 100% interest and operatorship in Block 50 Oman.

Details for Shareholders and Potential Market Impact

• Execution of New Drilling Programme: The contract for the Energy Emerger jack-up rig is a crucial step, enabling MOL to execute its 2026 multi-well programme. This is expected to increase oil production rates and extend the productive lifespan of the Yumna Field.
• Funding and Logistics Secured: According to MOL’s General Manager, Mr. Mike Hopkinson, both funding and rig availability are now in place, reducing operational risks and setting the stage for a seamless drilling campaign.
• Potential Share Price Catalyst: The commencement of a multi-well drilling programme with a proven rig and secured funding could positively impact Rex International’s future production volumes, cash flows, and reserves. This is material information that investors and shareholders should monitor closely, as it may affect the company’s valuation and share price.
• Operator Status and Full Ownership: MOL’s 100% interest in Block 50 Oman means Rex retains complete upside from any successful drilling outcomes, without dilution from joint venture partners.
• Track Record: The Energy Emerger rig was used successfully in the 2024 campaign, which may reduce execution risk due to operator familiarity.

About Rex International Holding

Rex International Holding is a multinational oil exploration and production company listed on the Singapore Exchange Mainboard. The Group maintains interests in exploration and production licences across Norway, Germany, Oman, and Benin. Rex holds operatorship for assets in Oman, Benin, and Germany and leverages proprietary technology called Rex Virtual Drilling, which helps identify liquid hydrocarbons using seismic data, potentially de-risking its exploration activities.

Conclusion

The announcement of the jack-up drilling rig contract and the commencement of a three-well development programme in Oman is a significant operational milestone for Rex International. This development could lead to increased production, higher revenues, and potentially a positive re-rating of the stock. Investors should watch for updates on drilling results and production increases, as these are key drivers for the company’s future performance.

Disclaimer

This article contains forward-looking statements based on current estimates and assumptions. Actual future performance, results, or outcomes may differ materially due to various risks and uncertainties, including but not limited to industry conditions, operational risks, and other factors outside the Company’s control. Investors and shareholders should not place undue reliance on these statements and are encouraged to conduct their own due diligence. The Company does not undertake to update any forward-looking statements as a result of new information or future events.

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