Hibiscus Petroleum has announced that Masirah Oil Limited and partners have began drilling an oil exploration well in GA-South (GAS#1) located offshore Oman’s Block 50 concession
Masirah Oil Limited and partners is a joint entity owned by Malaysia’s Hibiscus Petroleum and Norway-based Lime Petroleum.
The Malaysian company said that the well was the second in the two-well drilling programme under the concession.
The prospect GAS#1, which has a total depth of 2,500 metres, was selected for drilling after technical evaluation and verification using the proprietary Rex Virtual Drilling technology — a software tool that uses seismic data sets to predict traces of oil — in addition to confirmations provided via conventional methodologies, the company said in a statement.
The prospect is located in the central area of the Block 50 concession. The well is currently being drilled using the independent leg cantilever jackup rig Aban VII.
Hibiscus Petroleum had acquired a 35 per cent stake in Lime Petroleum for US$55mn in April 2012.
Lime Petroleum has a 64 per cent participating interest in the Block 50 Oman concession while Petroci Holding, state-owned oil company of Côte d’Ivoire, has a 36 per cent participating interest.
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