April 11, 2012

Hibiscus Petroleum gets another concession in UAE

Reported by The Star on 12/04/12, Hibiscus Petroleum Bhd's Lime Group has secured another concession in Ras Al Khaimah, in the UAE to explore and produce hydrocarbons.

It said on Thursday the agreement between Lime's unit Baqal Petroleum LtdRas Al Khaimah allowed it to explore and produce hydrocarbons from the RAK onshore concession, which covers 886 sq km,

Hibiscus Petroleum said the RAK Onshore concession was the second concession received from the Ras Al Khaimah government, with the first being the RAK north offshore concession which was awarded on May 24, 2010.

“Securing a second concession in the Emirate of Ras Al Khaimah demonstrates that the business relationship between Lime and the regulatory authorities of the Emirate is further strengthening which could lead to more opportunities either in Ras Al Khaimah or in other ventures being pursued by Rakgas LLC. in other areas,” it said.

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