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.
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.