Project Profile
Location: off the east coast of Oman, next to onshore Block 4
Depth: 3,000 m (Manarah-1 well)
Area: 4,500 km2 of seismic
Lime Group\'s concession in Oman is held by Masirah. The concession is regulated by the Block 50 EPSA. The concession has an initial exploration period of 3 years with a 3-year extension period, followed by a 20-year development and production period after Declaration of Commerciality (DOC), with a possible extension of 5 years. The Block 50 Oman Concession contract area lies off the east coast of Oman, next to onshore Block 4 (the Ghunaim contract area) and is just north of Block 52 operated by Circle Oil Plc. The Block 50 Oman Concession, like most of Oman\'s offshore acreage, is largely unexplored. Although previous operators have acquired over 4,500 km2 of seismic, the quality is variable and typically poor where shallow ophiolite layers occur. These layers are a feature of the geology off the coast of Oman. The previous operator, Hunt Oil Company, was awarded the block in 2001. Hunt Oil Company carried out a number of geological surveys, including a high resolution 2D seismic survey in an attempt to identify a prospective drilling location. To-date, there are 8 identified prospects in the concession. Masirah 1 and Masirah 2 were drilled in 1975 and 1976 while in 1984, Amoco Corporation drilled a third well in the Block 50 Oman Concession area, Maimun-1. The wells found shows and good reservoirs in certain geological layers, but no commercial discoveries were made.
Lime Petroleum has a 64% participating interest in the Oman Block 50 concession, while Ivory Coast\'s national oil company Petroci Holding holds the remaining 36%. Hibiscus Petroleum acquired a 36% stake in Lime Petroleum in April 2012 for US$55 million. Masirah Oil Ltd. (Masirah) also is a 64% indirectly owned subsidiary of Rex International Holding Limited or Rex International Holding\'s jointly-controlled entity, Lime Petroleum Plc (Lime).
Oman\'s Ministry of Oil & Gas (MOG) has extended the exploration and production sharing agreement (EPSA) Block 50 for another 3 years from the end of the current phase to March 2020. (September, 2016)
Operators:
Masirah Oil Ltd. (Masirah): Operator with 100% interest
Lime Petroleum Plc: 64% interest in Masirah Oil Ltd
Hibiscus Petroleum: 36% stake in Lime Petroleum
Rex International Holding Limited: 64% stake in in Lime Petroleum
Petroci Holding: 36% interest in Masirah Oil Ltd
Contractor:
Aban 7 Pte Ltd: Drilling services using jackup Aban VII (250\' ILC)
Dolphin Geophysical ASA: 3D seismic survey undertaken by its vessel, Artemis Arctic. The seismic survey commenced in November 2014 and is scheduled to be completed within approximately 45 days following mobilization.