It is looking for more production licenses in 2014 to complement its existing assest in Norway.
It had obtained an approval for an additional two production licenses on top of the four granted in Sept 2013 for the Norwegian Continental Shelf through its JV unit Lime Petroleum Norway AS.
Lime Petroleum Norway is a wholly owned subsidiary of Lime Petroleum Plc, an entity jointly controlled by Hibiscus, Schroder & Co Banque SA and Rex Oil & Gas Ltd.
Its Norwegian concessions, which Hibiscus owns through certain interests, are still in the early stages of development. The company is expecting the first well to be drilled in the later part of 2014.
REX’s technology has been used in Norway. The technology is used to detect hydrocarbon reserves via data by satellite.
Through HiRex Petroleum Sdn Bhd, its JV with REX International Holdings Pte Ltd, the group has been looking at 15 different concession opportunities in SEA and it hopes to close two or three concession deals by the end of 2013 or early 2014.
On its Australian concession, it is forecast to provide revenue to Hibiscus by 2015. Earlier 2013, Hibiscus acquired a 13% stake in Melbourne based exploration and production company, 3D Oil Ltd, listed on the Australian Stock Exchange. 3D Oils owns the concession that has a proven discovery of nine million barrels of oil in the West Seahorse oil field. In total, the life of the field is about 4 ½ years.
On operations in Oman’s Block 50 concession, which the group started drilling … if Hibiscus makes a successful discovery of oil and receives relevant government approvals for an extended well test, it expects the first oil find to be in Sept 2014.
The group is estimating the cost of drilling the two wells in Oman from USD40 million to USD44