Millionaire Trend Trader: Hibiscus speeds up drill time

Saturday, October 29, 2011

Hibiscus speeds up drill time

PETALING JAYA: Hibiscus Petroleum Bhd has significantly cut down on the time it needs to venture into the oil and gas exploration sector in the Middle East with the recent purchase of a 35% stake in Middle East-based Lime Petroleum.

“The gestation period of four years, normally associated with this kind of oil and gas projects, has been cut down to 12 months for us.

“Now, within 12 months, we are ready to drill,” managing director Kenneth Pereira said.

“The Lime package is a nice one, with drillable opportunities; it is also to be listed soon, likely on London's AIM, so there will be more money to be raised in future for expansion plans,” he tells StarBizWeek in an interview.

Lime has three concessions in the Middle East, namely Ras Al Khaimah (1,200km sq), Sharjah (1,600km sqd), both in United Arab Emirates (UAE) and the largest one in Oman (16,900 km sq), with the fourth potential concession in Fujeirah, also in UAE.

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Saturday, October 29, 2011

Hibiscus speeds up drill time

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