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Masirah Oil begins drilling in Block 50 Oman

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Masirah Oil begins drilling in Block 50 Oman Empty Masirah Oil begins drilling in Block 50 Oman

Post by Cals Tue 07 Jan 2014, 00:31

Masirah Oil begins drilling in Block 50 Oman
Business & Markets 2013
Written by Bernama   
Monday, 06 January 2014 20:01

KUALA LUMPUR (Jan 6): Hibiscus Petroleum Bhd today, announced that Masirah Oil Limited and partners, a jointly-controlled entity of Lime Petroleum Plc (Lime), have begun drilling an exploration well on Dec 30, 2013, in GA–South (GAS#1), located in the Block 50 Oman concession.

Hibiscus Petroleum owns a 35 per cent stake in Lime.

In a filing to Bursa Malaysia today, Hibiscus Petroleum said the well was the second in the two-well drilling programme, under the concession.

"The prospect GAS#1 has a target depth planned at about 2,500 metres, and was selected for drilling after technical evaluation and verification, using the proprietary Rex Virtual Drilling technology, in addition to confirmation provided via conventional methodologies.

Lime has a 64 per cent participating interest in the Block 50 Oman concession, while Petroci Holding, the national oil company of the Ivory Coast, has a 36 per cent participating interest.
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