Aban VII Spuds GAS#1 Exploration Well in Block 50 off Oman

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Malaysia-based Hibiscus Petroleum Berhad disclosed Monday that its jointly controlled entity Masirah Oil Limited & Partners announced that it has begun drilling an exploration well in GA-South (GAS#1) located in the Block 50 Oman concession Dec. 30, 2013. This is the second well in the 2-well drilling program in the concession.

The prospect GAS#1, which has a total depth (TD) planned at about 8,202 feet (2,500 meters), was selected for drilling after technical evaluation and verification using the proprietary Rex Virtual Drilling technology (a software tool that uses seismic datasets to predict whether a field is dry, has traces of oil or contains commercial quantities of hydrocarbons), in addition to confirmations provided via conventional methodologies. The prospect is located in the central area of the Block 50 concession. The well is being drilled using the independent leg cantilever jackup Aban VII (250' ILC).

Hibiscus Petroleum acquired a 35 percent stake in Lime for $55 million as its Qualifying Acquisition in April 2012. Lime has a 64 percent participating interest in the Block 50 Oman concession, whilst Petroci Holding, the national oil company of Ivory Coast, has a 36 percent participating interest.

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