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Zubara authorised to drill at UAE offshore field

26th June 2014

Hibiscus Petroleum has announced that Zubara Petroleum (Zubara), a wholly owned subsidiary of Lime Petroleum (Lime), has received the necessary extension to its concession agreement from the government of Sharjah to commence engineering and procurement activities leading to the drilling of an exploration well by the Q3 2015

Zubara authorised to drill at UAE offshore field
The Sharjah drilling programme will be Lime’s second drilling programme in the Middle East after the recent Block 50 Oman drilling campaign in March this year

Zubara, which owns 100 per cent of the Sharjah offshore block, will be finalise the well management services contract award  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 programme will be Lime’s second drilling programme 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 programme in Block 50 Oman early this year,” said 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 one hundred percent holding level and several parties have shown some interest.”

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