21st Sep 2006 07:02
Premier Oil PLC21 September 2006 PREMIER OIL PLC ("Premier" or "the Company") Drilling update - Dua-5X Oil and Gas discovery Vietnam Premier Oil has completed drilling and logging of well Dua-5X on Block 12E inVietnam. Following the drilling of well Dua-4X which encountered oil and gaswithin the northern fault block of the Dua structure, Premier drilled the Dua-5Xvertical well to evaluate the adjacent southern fault block. Well Dua-5X intersected multiple gas and oil reservoirs in the southern faultblock of the Dua structure. Wireline testing of Dua-5X recovered oil samples andpressure data to help define the quantity and quality of hydrocarbons within thesouthern fault block of the Dua structure. Preparations are now being made toDrill Stem Test the well. Dua-5X is the first successful intersection of the primary reservoir in thesouthern fault block of the Dua structure. It was drilled after successfulevaluation of the northern fault block by Dua-4X drilled in May this year. Thatwell was drilled down-dip of the 1974 Dua-1X discovery well which flowed 1,500barrels of oil per day. Following completion of testing operations on Dua-5X, Premier will drill theBlackbird prospect to explore a large tilted fault block updip of a pre-existingwell which encountered very good oil shows. On completion of the farmout agreement and subject to receipt of the approvalsrequired from the Government of the Socialist Republic of Vietnam, Premier (asoperator) will hold a 37.5% interest in Block 12E. The other partners will beSantos (37.5%) and Delek Energy (25%). Premier's Chief Executive, Simon Lockett, said: "We are very excited by the discovery of oil and gas in Dua's previouslyundrilled southern fault block. We look forward to the results of the drillstem test on Dua-5X which will provide more information on the potentialdevelopment options available to the joint venture. Results to date areencouraging for Blackbird and other prospects in the area" ENQUIRIESPremier 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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