Oil & Gas Middle East - - PROJECT FOCUS -

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.

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