Masirah adds to Yumna well funds through investment round

Exploration and production company Masirah Oil has raised $21.5 million to fund the drilling of the Yumna appraisal well offshore Oman.

Rex International, a majority stakeholder in Masirah Oil, said on Friday that Masirah had issued preference shares in relation to the subscription of the Masirah investment round.

Following the investment round, Rex Oman holds an 86.37 percent stake in Masirah. Schroders, Trace Atlantic, Petroci, and Masirah management hold 7.03, 4.66, 1.83, and 0.10 percent stake, respectively.

A total of $21.5 million was raised from the investment round in order to fund Masirah’s drilling activities of the Yumna appraisal well in Block 50 offshore Oman, where Masirah holds a 100 percent interest.

The funds raised through the investment round will also be used for Masirah’s continued operations in Oman and general working capital requirements.

The company in early November 2019 awarded a contract to Foresight Offshore Drilling to use the Foresight Driller IX drilling rig for the appraisal well on the block.

COme late November and Masirah Oil awarded a contract to Wings Offshore for a floating storage and offloading (FSO) vessel to be used on the Yumna field, previously known as the GA South field. The FSO in question is Mt. Bull Papua, an Aframax tanker with a storage capacity of 750,000 barrels.

The spudding of the Yumna 1 well was announced on December 26, 2019. Masirah said in December that early production testing of the Yumna field would start in January 2020. The oil produced during the field appraisal phase will be stored in an Aframax tanker.

Offshore Energy Today Staff

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