23rd Aug 2007 08:22
Premier Oil PLC23 August 2007 This replaces today's announcement (RNS number 6734c) correcting the depth tofeet instead of meters in reference to the Pancing-1well. The full correctedannouncement is below. PREMIER OIL PLC ("Premier" or "the Company") Drilling Update India Further to the status report issued on 5th July 2007 and the Operational andTrading Update issued on 18th July, Premier provides a further update onoperations on the Masimpur-3 well in India. The well was drilled to a depth of 4,002 metres where a sandstone formation wasencountered with good hydrocarbon shows and high formation pressure. Themechanical difficulties were resolved, 7 inch casing set and the well was thendeepened to 4,419 metres penetrating further sandstones with shows. The wellwas logged, an operation which was complicated by the deviated nature of thehole. The log results obtained were inconclusive in quantifying the significanceof the hydrocarbon shows observed during drilling. Premier, in consultation with its joint venture partners, is now proceeding todrill stem test (DST) the prospect and will provide a further update oncompletion of testing operations. Indonesia The Pancing-1 well on the Kakap block in Indonesia has reached a depth of 11,935feet, encountering hydrocarbon shows. Wireline logs have been run, confirmingthe likely presence of gas. The operator, Star Energy, is proceeding withtesting operations. 23rd August 2007 ENQUIRIES Premier Oil plc Tel: 020 7730 1111Simon LockettTony Durrant Pelham PRJames Henderson Tel: 020 7743 6673Gavin Davis Tel: 020 7743 6677 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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