Hibiscus

The second exploration well by Masirah Oil Ltd, an associate of Hibiscus Petroleum Bhd, has achieved a light oil flow rate of up to 3,000 barrels per day.

The successful testing will allow it to deepen its knowledge and understanding of the offshore geology in the east of Oman and assist in its decisions on its further exploration, appraisal and development plans for this 17,000-sq-km block.

The well, which was drilled to its final depth into the Cambrian formation, was done with the objective of proving the presence of movable hydrocarbons and a working petroleum system within the block.

Several zones in the well showed evidence of hydrocarbon presence.

This is the first offshore oil discovery in the east of Oman after more than 30 years of exploration activities.

Masirah Oil is 64% and 36% owned by Lime Petroleum Plc and Petroci Holding, respectively.

In Feb 2014, Hibiscus said the second exploration well found evidence of hydrocarbons, which had to be sent for testing.