Hope other SPAC will not follow hibiscus and drop.
Here is the announcement:
HIBISCUS Petroleum Berhad (“Hibiscus Petroleum” or the “Company”) wishes to announce that Masirah Oil Limited, a jointly-controlled entity of Lime Petroleum Plc, suspended (on 19 December 2013), for safety reasons, its 1st exploration well, Masirah North North #1 (“MNN #1”) in Block 50 Oman for further evaluation. The MNN #1 well was drilled to a total depth of approximately 1,000 metres below mean sea level. Mud losses in two carbonate sections of the well prevented Masirah Oil Limited from reaching its planned target depth. A comprehensive data acquisition, coring and logging programme of the formations that were drilled was completed on 21 December 2013. Data analysis indicates presence of non-commercial hydrocarbons....
NO OIL. NO OIL.