The offshore Block 50 concession in Oman is a key asset of the Group. An oil discovery in the GA South well was made in 2014, the first offshore discovery east of Oman, after 30 years of exploration activity in the area. The discovery won the “Offshore Discovery of the Year” award in Oman. The Group is targeting to achieve first oil by end-2019.
The approximately 17,000 sq km offshore concession is located in Gulf of Masirah, offshore east Oman and near the town of Duqm.
Masirah Oil Limited (“MOL”) holds 100% of the Block 50 concession. Rex International Holding holds an effective interest of 92.65% in MOL through its wholly-owned subsidiary Rex Oman Ltd.
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