Lime Petroleum has announced that it has awarded a drilling contract to Aban Offshore Limited in its oil Block 50 concession offshore 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 jack-up rig Aban VII will likely be deployed for the contract and will be expected to spud and drill a minimum of two exploration wells.
Drilling will initially be focused on two prospects — Masirah North North-1 and Masirah North East-1, which have been estimated to hold prospective resources of about 160mn barrels.
Lime Petroleum is a jointly-owned company between Rex International, Hibiscus Petroleum and Schroders.
If the wells yield successful discoveries, Hibsicus said that the production could potentially commence by the first half of 2014.
Kenneth Pereira, managing director of Hibiscus Petroleum, said, “After months of meticulous planning and effort, we are excited to get our drilling programme 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.”
Lime Petroleum has a 64 per cent participating interest in the Block 50 concession, while Ivory Coast’s national oil company Petroci Holding holds the remaining 36 per cent.
Hibiscus Petroleum acquired a 35 per cent stake in Lime Petroleum in April 2012 for US$55mn.
