OSLO: Hibiscus Petroleum Bhd has failed to discover oil in the Haribo prospect in PL616 located in the Norwegian North Sea after drilling was stopped at 3,388 metres below sea level.
The well will now be plugged and abandoned, as the targeted high porosity reworked chalk reservoir was not found,” the company told Bursa Malaysia yesterday.
“However, the chalk sequence had zones with fair porosity albeit no permeability with traces of hydrocarbons,” it added.
The estimated post-tax cost of Hibiscus’ net interest in the well is US$500,000 (RM1.9 million).
Hibiscus’ jointly controlled entity, Lime Petroleum Norway AS (Lime Norway), is a participant in the drilling of the Haribo prospect in PL616.
The licence further contains two small oil/gas discoveries in the northern part. Broadband 3D seismic has been reprocessed to evaluate the discoveries and associated upside potential,” Hibiscus said.
The parties in PL616 comprise Edison Norge AS (operator) with a 25% stake, Noreco Norway AS 20%, Concedo ASA 20%, Lime Norway 15%, North Energy ASA 15% and Skagen44 AS 5%.
On June 23, Lime Norway disclosed that drilling of the Zumba prospect in PL591 located in the Norwegian Sea also failed to yield petroleum.
