Lime Petroleum prepares to drill offshore Sharjah

Offshore staff

KUALA LUMPUR, MalaysiaHibiscus Petroleum has issued a progress report on the activities of its part-owned subsidiary Lime Petroleum offshore the UAE.

Zubara Petroleum, a Lime subsidiary, has secured an extension from Sharjah’s government for the offshore Sharjah East Coast concession and now plans to drill an exploration well by summer 2015.

In anticipation the company awarded a well management services contract at the end of July. It expects an environmental impact assessment and a site survey to be completed early next year.

Procurement for long-lead equipment for the well is advanced and award of major components are expected to go through around the turn of the year, pending results of a potential farm-out of a portion of Lime’s interests in the Sharjah concession.

As for the RAK North Offshore concession, the management team has secured access to 3D seismic data acquired in 1984 over the Saleh field, which has producing wells and lies within but is excluded from Lime’s concession, as well as some acreage within the concession boundaries.

Analysis last year led to identification of a preliminary prospect in RAK North Offshore, based on conventional evaluation and sequence stratigraphy. However, Lime is looking to further review the analysis as there appear to be similarities between the sequence stratigraphy of the company’s recent MNN #1 well in Oman and geology observed in the RAK North Offshore concession area.

As a result, drilling has been deferred temporarily.

12/02/2014

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