Lime Petroleum PLC subsidiary Masirah Oil Limited has halted drilling in exploration well Masirah North North #1 (MNN #1) for safety reasons.
MNN #1 was drilled to a depth of approximately 1000m before mud losses in two carbonate sections prevented Masirah from reaching the planned target depth. Analysis from the data acquisition, coring and logging program, completed Dec. 21, indicated non-commercial hydrocarbons.
The well was the first to be drilled in Block 50, located offshore Oman. The Block 50 Oman concession area is approximately 17,000sq. km (6,563sq. mi) and is estimated to have to risked resources of approximately 390 million bbl oil.
These datasets are now being used to refine the geological understanding of the area and identify the next drilling location. Subject to the approval of the Omani Government, it is anticipated that drilling at this location will start within the next two weeks. 3D seismic mapping is planned.
Drilling commenced at MNN #1 Nov. 25 with the cantilever jackup Aban VI, which was contracted through Aban 7. MNN #1 is located in a water depth of approximately 1000m (3,280ft).
Hibiscus Petroleum owns the well through its 35% stake in Lime Petroleum, acquired for US$55 million in April 2012.
“Thewell did present technical challenges but these were managed competently and safely by our teams located in Oman, Dubai and Kuala Lumpur. Several times over the past few weeks, commercial and HSE objectives came head to head and each time, HSE considerations over-rode all other objectives, Hibiscus Petroleum’s Managing Director, Kenneth Pereira, said.
Rex International Holding, who completed evaluations for MNN#1, holds a 65% stake in Lime. Through Masirah, Lime has a 64% working interest (WI) in the Block 50 Oman concession, and Ivory Coast national oil company Petroci Holding has a 36 % (WI) in Block 50.
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