Oman’s Block 50 Offshore Drilling to Advance After $25M Funding Raise

(Credit: Masirah Oil)

Jasmine Energy has raised $25 million in senior secured bonds to support a new drilling campaign at the Yumna field in Block 50 offshore Oman, parent company Rex International Holding informed.

The three-year bonds are expected to settle on December 12, and will carry a 14% coupon.

Proceeds will fund a campaign to drill three producer wells in 2026 and support general corporate purposes at Masirah Oil, the operator of Block 50 and an indirect 87.5% subsidiary of Jasmine Energy. Masirah Oil holds 100% interest in the Yumna field.

Per Lind, interim chief executive of Rex, said the financing will allow the company to start drilling new wells in the first quarter of 2026 to increase oil flow rates from the mature Yumna Field.

• Masirah Oil Wraps Up Multi-Well Campaign at Field Offshore Oman

“We are pleased to have garnered strong support from bondholders with our track record of increasing reserves volumes in the mature Yumna Field. With strengthened income from the oil production from the new producer wells, we will continue our efforts to extend the lifetime of the field, in line with our commitment to create long-term value for our stakeholders,” added Lind.