Rex International Holding Limited (“Rex International Holding”, “Rex” or the “Company”, and together with its subsidiaries, the “Group”) is pleased to announce that its subsidiary, Jasmine Energy Limited (“JEL”), has successfully raised US$25 million in senior secured bonds with a three-year tenor (the “Bonds”).
Mr Per Lind, Interim Chief Executive Officer of Rex, said, “The successful completion of the bond issue is timely, and will allow us to execute a planned drilling campaign to drill new producer wells to increase oil flow rates in the Yumna Field in Block 50, Oman, which is targeted to start in the first quarter of 2026. 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.”
The proceeds will be used to fund a drilling campaign of three wells in 2026 and for general corporate purposes by Masirah Oil Ltd, an indirect 87.5 per cent subsidiary of JEL.
The settlement of the Bonds is expected to take place on 12 December 2025. The Bonds will carry a coupon of 14 per cent. Closing and draw-down are subject to certain conditions and approvals. Fearnley Securities AS acted as Sole Global Coordinator and Bookrunner for the bond issue.
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