Hibiscus Petroleum to drill 2nd well in Middle East next year

-A +A

KUALA LUMPUR (June 25): Hibiscus Petroleum Bhd announced that Zubara Petroleum Ltd, a unit within the group, has received the necessary extension to its concession from the government of Sharjah to commence activities leading to the drilling of an exploration well by the third quarter of 2015.

“Zubara, which owns 100% of the Sharjah Offshore block, will be finalising the award of a well management services contract by July this year,” said Hibiscus in a statement to the stock exchange.

The Sharjah drilling programme will be the group’s second drilling programme in the Middle East after the recent Block 50 Oman in March this year, it said.

Hibicus Petroleum said its unit, Lime Petroleum Plc, may lower its 100% equity interests in the well before the drilling programme starts and several parties have shown some interest.