Malaysia's Hibiscus Petroleum Berhad's jointly-owned entity Lime Petroleum Plc, through its subsidiary Masirah Oil Limited, awarded a contract to Aban 7 Pte Ltd to undertake a drilling program in the Block 50 concession off Oman.
The contract, which has a duration for a minimum period of 50 working days, will commence between mid-October and mid-November this year. The jackup Aban VII (250' ILC) will be deployed for the contract and it will spud and drill a minimum of two exploration wells.
The Masirah North North #1 and Masirah North East #1 prospects, estimated to contain prospective resources of about 160 million barrels, have been selected for drilling using Rex Virtual Drilling technology and via conventional methodologies. If the wells yield successful discoveries, Hibsicus said production can potentially commence by the first half of 2014 through utilization of an early production system.
“After months of meticulous planning and effort, we are excited to get our drilling program underway. From our days as Malaysia’s first SPAC (Special Purpose Acquisition Company) and being the country’s only listed independent exploration & production company, the awarding of this contract represents a significant milestone for us. Through the use of Rex Virtual Drilling, we believe we stand a good chance of success and hope to reward our loyal shareholders,” Kenneth Pereira, Hibiscus Petroleum's managing director said in the press release.
Lime Petroleum has a 64 percent participating interest in the Oman Block 50 concession, while Ivory Coast's national oil company Petroci Holding holds the remaining 36 percent. Hibiscus Petroleum acquired a 35 percent stake in Lime Petroleum in April 2012 for $55 million.
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