The partnership of Rex Oil & Gas Limited, Petroci Holding, and the national oil company of Côte d’ivoire won the exploration licence for Block 50. The Rex Oil-petroci Holding joint venture plans to invest around $26mn in the first two phases of exploration activities.
28 May 2012 - Lime BVI holds a 74% equity interest in Masirah, with the remaining 26% being held by Petroci.
2 December 2013 - Masirah Oil Ltd (MOL) is the operator and 100% owner of the Block 50. The shareholders of MOL are: • Lime Petroleum - 64%
• Ivory Coast - 36%
35% of Lime Petroleum is owned by Hibiscus Petroleum Berhad.
18 November 2015 - Rex Oman Ltd subscribes to 5,760 of 9,000 new shares in MOL as capital injection into the 64% owned subsidiary of Lime Petroleum. The remaining new shares are subscribed by Petroci in proportion to its 36% equity interest in MOL. The capital injection is necessary to allow MOL to pursue its drilling activities and continue its operations in Oman.
18 March 2016 - Pursuant to the completion of the capital injection, shares of Masirah Oil Limited are divided as follows:
• Rex Oman - 69.06%
• Lime - 4.57%
• Petroci - 26.37%
7 Jan 2016 - Masirah Oil Limited received $8mn cash infusion from Rex Oman following a subscription of new shares of MOL.
Oct 2018 - Rex International and its subsidiaries hold a 92.65% indirect stake in Masirah Oil.
Rex International had planned to farm out a larger interest in the concession to reduce holding risks, but is now considering maintaining a high equity stake in the block following encouraging results of the feasibility study. It will instead look for nondilutive financing options to help fund oil production costs.