Jasmine Energy (JEL), a subsidiary of Singapore’s Rex International, has revealed a multimillion-dollar bond issue, which will enable it to undertake a drilling campaign off the coast of Oman to augment oil production.
While disclosing that Jasmine Energy has raised $25 million in senior secured bonds with a three-year tenor, Rex highlights that the proceeds will be used to fund a three-well drilling campaign at the Yumna field in Block 50 next year and for general corporate purposes by Masirah Oil , an indirect 87.5% subsidiary of JEL.
Per Lind , Interim Chief Executive Officer of Rex, commented: “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.”
According to the company, the settlement of the bonds, which will carry a coupon of 14%, is expected to take place on December 12, 2025. The closing and draw-down are subject to certain conditions and approvals.
Block 50 is an approximately 17,000 square-kilometer offshore concession in the Gulf of Masirah, east of Oman. The first oil was achieved in February 2020, while the approval of the field development plan for the Yumna field and declaration of commerciality (DOC) were obtained in July 2020.