Dateline 2012-12-25, The Star:
Hibiscus Petroleum Bhd, the first special-purpose acquisition company (SPAC) to be listed on the local bourse, has discovered oil in its Oman assets, but the first well is not commercially viable.
The oil and gas exploration outfit told Bursa Malaysia that Masirah Oil Ltd, a jointly controlled entity of Lime Petroleum Plc, had suspended its first exploration well, Masirah North North 1 (MNN 1) in Block 50 Oman, for further evaluation on safety reasons.
The group noted in a press statement that the well had been drilled to a total depth of about 1,000m below the mean sea level.
“Mud losses in two carbonate sections of the well prevented Masirah Oil from reaching its planned target depth,” it said.
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Wata - Malaysian Oil and Gas Engineer 