Hibiscus Petroleum Berhad reported Wednesday that Zubara Petroleum Ltd (Zubara), a wholly‐owned subsidiary of Lime Petroleum Plc (Lime), has received the necessary extension to its Concession Agreement in the United Arab Emirates from the Government of Sharjah to commence engineering and procurement activities leading to the drilling of an exploration well by the third quarter of 2015.
Zubara, which owns 100 percent of the Sharjah Offshore block, will be finalizing the award of a well management services contract by July this year. Additionally, an environmental impact assessment as well as a site survey are scheduled for completion by January 2015. The Sharjah drilling program will be Lime’s second drilling program in the Middle East after the recent Block 50 Oman drilling campaign in March this year.
“We are very pleased by the Sharjah Government’s approval and look forward to commencing a second drilling campaign in the Middle East, especially after the success of our first program in Block 50 Oman early this year,” said Dr Kenneth Pereira, managing director of Hibiscus Petroleum.
“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 from the current 100 percent holding level and several parties have shown some interest,” he added.