MUSCAT: Oman-based upstream energy company Masirah Oil Limited, which owns and operates Block 50 off the Sultanate of Oman’s east coast, plans to drill three new producer wells in 2026 as part of efforts to ramp up output from its flagship Yumna Field.

To help fund the drilling programme, Masirah Oil’s majority shareholder Rex International Holding has raised $25 million in senior secured bonds with a three-year tenor through its financing subsidiary Jasmine Energy Limited.

According to Per Lind, Acting CEO of Singapore-based Rex International, the proceeds from the bond issue will be used primarily to support Masirah Oil’s planned 2026 drilling campaign.

“The successful completion of the bond issue is timely and will allow us to execute our planned drilling campaign to drill new producer wells to increase oil flow rates in the Yumna Field in Block 50, Oman, starting in the first quarter of 2026”, said Lind in a statement. “We are pleased to have garnered strong support from bondholders, given our track record of increasing reserves in the mature Yumna Field. With strengthened income from the new producer wells, we will continue working to extend the lifetime of the field, in line with our commitment to creating long-term value for our stakeholders”.

Since first oil in 2020, the Yumna Field has produced 9.07 million stock tank barrels of oil as of end-December 2024. Recent development work has included the drilling of Yumna-5, workovers on existing wells and infrastructure upgrades such as the installation of a second flowline between the Mobile Offshore Production Unit (MOPU) and the FSO to enhance reliability and fluid-handling efficiency.

Production through 2024–2025 has fluctuated between 1,200 and 2,300 barrels per day, with dips tied to planned maintenance and FSO tanker replacement.

Despite natural field decline, output stabilised following well interventions and the commissioning of the new flowline, with October 2025 production averaging around 1,287 bpd.

An independent reserves review has also upgraded Yumna’s 2P and 3P reserves, reflecting improved depletion planning and the potential for additional wells.

Collectively, these developments underscore the field’s ongoing commercial viability and the longer-term growth prospects of Block 50.

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