Hibiscus Petroleum Berhad (Hibiscus Petroleum) has announced that its jointly-controlled entity, Lime Petroleum Plc (Lime), through its subsidiary Masirah Oil Ltd (Masirah), has begun drilling an exploration well in Masirah North North #1 (MNN #1), located in the Block 50 Oman concession, on 25 November 2013.
This is part of a 2-well drilling programme in the concession.
The prospect MNN #1, which is about 1,000 metres in depth, was selected for drilling after in-depth technical evaluation and verification using the proprietary Rex Virtual Drilling technology, in addition to confirmations provided via conventional methodologies. The prospect is located in the northern area of the Block 50 concession which is about 17,000 square kilometres in size. The well is being drilled using the independent leg cantilever jack-up drilling rig Aban VII.
Hibiscus Petroleum acquired a 35% stake in Lime for USD 55 million as its Qualifying Acquisition in April 2012. Lime has a 64% participating interest in the Block 50 Oman concession, whilst Petroci Holding, the national oil company of Ivory Coast, has a 36% participating interest.
[mappress] Press Release, November 26, 2013