Singapore’s Rex International has announced that its subsidiary Jasmine Energy (JEL) has completed a $25 million senior secured bond issue to support new offshore drilling work in Oman.
The bonds have a three-year term and carry a coupon of 14%. Settlement is scheduled for 12 December 2025, with closing and draw-down remaining subject to specified conditions and approvals, the company said.
Proceeds from the issue will be used to fund a three-well drilling campaign at the Yumna field in Oman’s Block 50, targeted to start in 1Q 2026, and for general corporate purposes at Masirah Oil, which is indirectly 87.5% owned by Jasmine Energy (JEL).
Per Lind, Interim Chief Executive Officer of Rex International, said the completion of the bond issue comes at an appropriate time for the group, as it prepares to drill additional producer wells aimed at increasing oil flow from the Yumna field in Block 50. He noted that demand from bond investors was supported by the company’s history of growing reserves in the mature Yumna field.
Lind added that income from the new producer wells will support efforts to extend the life of the field, in line with the group’s stated objective of delivering long-term value for its stakeholders.
Block 50 covers about 17,000 km² in Oman’s Gulf of Masirah, off the country’s eastern coast. Oil production from the Yumna field began in February 2020, and the field development plan and declaration of commerciality for Yumna were approved in July 2020.
