Masirah Oil has announced a further postponement in disclosing the start date for its planned three-well development drilling campaign at the Yumna oil field, located offshore in Oman's Block 50. A revised schedule will be communicated at a later date, with the company not providing an updated timeline for the drilling activities at this time.
Masirah Oil serves as the operator of Block 50 and holds a 100% working interest in the license. The company had previously indicated that drilling could commence in the first quarter of 2026, later revising the expected start to May 2026.
The objective of the drilling project is to enhance oil production from the Yumna field and extend its economic viability. The scope remains unchanged, involving the drilling of three development wells. Earlier this year, Masirah Oil's parent company, Rex Oman, entered into a contract with the offshore drilling contractor Northern Offshore to utilize the Energy Emerger jack-up rig for the campaign. This same rig was employed for drilling operations at the field in 2024.
Rex International, through its financing subsidiary Jasmine Energy Limited, has secured $25 million in funding primarily to support Masirah Oil's 2026 drilling plans. According to a December 2025 announcement from Rex International, these funds were raised via the issuance of three-year senior secured notes.
Since first oil in February 2020, the Yumna field has produced a cumulative total of 9.07 million stock tank barrels of oil by the end of 2024. Production during the 2024-2025 period fluctuated between 1,200 and 2,300 barrels per day, influenced by planned maintenance and the replacement of a floating storage and offloading vessel. A recent independent reserves assessment has increased the field's 2P and 3P reserve estimates, reflecting improved depletion planning and additional drilling potential. Masirah Oil has stated that further information regarding the drilling schedule will be provided in due course.
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