Zubara authorized to drill offshore Sharjah

Offshore staff

KUALA LUMPUR, Malaysia – Sharjah’s government has extended Lime Petroleum subsidiary Zubara Petroleum’s concession agreement for the Sharjah Offshore block in the UAE.

Zubara, which owns 100% of the block, expects to issue a well management services contract by July, paving the way for drilling of an exploration well by 3Q 2015.

Additionally, the company expects to complete an environmental impact assessment and a site survey by next January.

This will be Lime’s second drilling program in the Middle East following its offshore Oman block 50 campaign, which finished in March.

Dr. Kenneth Pereira, managing director of Lime’s parent company Hibiscus Petroleum, said: “We have completed all the necessary geological studies and are excited about the prospects. Prior to the start of the drilling campaign, Lime expects to lower its equity interests in the well…and several parties have shown some interest.”

06/25/2014

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