Hibiscus: Hydrocarbons not found at well

KUALA LUMPUR: Hibiscus Petroleum Bhd said it has been informed by Lundin Norway AS that hydrocarbons had not been found at a well drilled in the Gemini prospect in the North Sea and is reported to be a “dry well”.

Meanwhile, commenting on its PL338C licence, Lime Norway told Hibiscus that a discovery was previously made on the Rolvsnes prospect which contains about 100 million bbls of recoverable oil and that this discovery is part of the farm-in transaction.

"Lime Norway has further informed us that for a total cost of approximately US$2.5mil, it was able to secure a 30% interest in PL338C (subject to regulatory approval) which includes the costs of the well drilled in the Gemini prospect and a 30% interest in the Rolvsnes discovery," it said.
 
With reference to the oil discovery made in the Rolvsnes prospect, Hibiscus expects an appraisal well to further delineate the discovery shall be drilled in the second half of 2015. 

"A definitive decision to drill this appraisal well shall be made later this year after Lime Norway has obtained regulatory approval pertaining to its proposed farm-in of PL338C," it added.

Lundin is the operator of PL338C in the North Sea with a 50% stake, while Lime Norway AS owns 30%, which is subjected to regulatory approval. and Austria-based OMV Norge AS owns the balance 20%.

Lime Norway is a wholly owned subsidiary of Lime Petroleum Plc, which is jointly controlled by Rex International Holding Ltd (56.4%), Hibiscus (35%) and Schroder & Co Banque SA (8.6%).