16th Apr 2019 08:48
LONDON (Alliance News) - Premier Oil PLC on Tuesday reported successful completion of a drill stem test at the Zama-2 side track well, offshore Mexico.
The company said it achieved combined oil flow rate of 7,426 barrels of oil per day from two separate flow tests over a total perforated interval of 248 feet.
"As planned, rates were restricted due to limited drawdown to prevent sand production. Flow and pressure measurements indicate a prolific reservoir," Premier Oil explained.
The Zama-2ST1 logged 873 feet of gross oil bearing reservoir with a net-to-gross ratio of 70%, in line with expectations. In addition, 714 feet of whole core was cut with 98% recovery.
The rig will move to drill the third and final Block 7 appraisal well, Zama-3. The programme remains "ahead of schedule and under budget", the company explained.
Chief Executive Officer Tony Durrant said: "We are very pleased by the productivity demonstrated by this well and we continue to collect further evidence that Zama has a world-class reservoir with excellent quality and well-connected sands."
Premier Oil shares were trading 3.1% higher at 104.65 pence each early Tuesday morning.
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