Hibiscus achieves oil rate of up to 3,000 barrels per day in Oman

by **Cals** Fri 07 Mar 2014, 10:11

Business & Markets 2014

Written by Charlotte Chong of theedgemalaysia.com

Friday, 07 March 2014 09:14

KUALA LUMPUR: Hibiscus Petroleum Bhd said its jointly controlled entity with Lime Petroleum plc, Masirah Oil Ltd, has achieved a light oil flow rate of up to 3,000 stock tank barrels per day with no water production during a two-day duration test.

Following oil discovery in its second exploration well in Block 50 Oman last month, Hibiscus said in a statement yesterday that it was the first offshore oil discovery in the east of Oman in more than 30 years.

However, the discovery failed to excite the market and the counter dropped 3.67% to close at RM2.10 yesterday from RM2.18 on Feb 4, the day it announced the discovery.

Prior to its announcement, its share price had rallied 42.48% from a three-month low of RM1.53 on Dec 26 last year to RM2.18 on Feb 4. It is worth noting that the previous slump in its share price was due to the failure to extract commercial oil on its first exploration well in Oman.

Hibiscus had explained earlier that the suspension on its first exploration well in Oman on Dec 19 was “for safety reasons”.

Masirah chairman Hans Lidgren said in the statement that the second exploration well produced at high and stable rates and the well is currently suspended.

“The successful testing will allow us to deepen our knowledge and understanding of the offshore geology in the east of Oman and assist in our decisions on our further exploration, appraisal and development plans for this 17,000 sq km block,” he added.

In a separate announcement yesterday, Masirah noted that the Ministry of Oil and Gas of Oman has approved its entry into the second phase of the minimum work obligation starting from March 23.

This article first appeared in The Edge Financial Daily, on March 07, 2014.

by **Cals** Fri 07 Mar 2014, 10:11

oh yes, my habiskus!

Hibiscus achieves oil rate of up to 3,000 barrels per day in Oman

Hibiscus achieves oil rate of up to 3,000 barrels per day in Oman

Re: Hibiscus achieves oil rate of up to 3,000 barrels per day in Oman