2nd Dec 2019 09:20
(Alliance News) - Premier Oil PLC on Monday said it has achieved first gas from Bison, Iguana and Gajah Puteri project in the Natuna Sea Block A located offshore Indonesia.
The FTSE 250-listed oil explorer expects recoverable reserves from the project to be in excess of 93 billion cubic feet following a three-well drilling campaign which encountered additional productive sands.
"The two-year project was delivered on schedule and significantly below budget," Premier Oil said, adding that the project will be tied into the existing Natuna Sea Block A infrastructure.
Tony Durrant, Premier Oil's chief executive, said: "This is further evidence of Premier's ability to execute full cycle projects from exploration through to production. BIG-P increases the deliverability from our operated Natuna Sea Block A enabling us to meet a growing market share within our existing gas contracts."
Premier Oil share were up 1.2% at 87.88 pence each in London on Monday morning.
By Tapan Panchal; [email protected]
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