20 May 2016

Cape is pleased to announce that its Oman operations have signed a 3-year contract extension with GPS/Occidental (Oxy), to provide Insulation, Refractory & Scaffolding services at Mukhaizna South of Oman with a forecast value in excess of $10m USD.

The company's main production output comes from the Mukhaizna heavy oilfield (Block 53) which it has operated under a 30-year agreement with the Omani government since 2005.

The Mukhaizna oilfield has over three billion barrels of oil in place and is 500km southwest of Muscat. The field is estimated to have 2.4 billion barrels, and is the sixth largest field discovered in Oman.

Oxy is now the largest heavy oil steam flood in the Middle East, and recently commenced exploration of both shallow and deeper zones in the block.

Abdullah Al Riyami, Operations Director Oman & Kuwait commented:

'We are delighted with this contract award and thank Occidental/GPS for awarding this contract extension and look forward to delivering on our long term commitments with our customer.'

Cape plc published this content on 20 May 2016 and is solely responsible for the information contained herein.
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