Stock of the Day: Rex International Holdings

Posted: December 26, 2013 in Uncategorized

Rex Int’l Hldg Suspends Drilling Activity In Exploration Well

Rex International Holdings suspended drilling activity at its first exploration well, Masirah North North #1  (MNN #1) in Block 50 Oman due to safety reasons.Rex-Logo
The MNN #1 well was drilled to a total depth of approximately 1,000 metres below mean sea level. Mud losses in two carbonate sections of the well obstructed the planned target depth to be reached.
A comprehensive data acquisition coring and logging programme of the formations that were drilled was completed on 21 December 2013. Data analysis indicates presence of non-commercial hydrocarbons.

Although a disappointment for Rex considering this is its first exploration well, however, the data acquired has assisted Rex’s partners in the Oman Block 50 project to identify a second exploration well as the next drilling location. It is anticipated that drilling at the new location will commence within the next two weeks.

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