8th Jul 2008 07:00
PREMIER OIL plc
("Premier" or "the Company")
Drilling Update
Vietnam
The Chim Ung -1 well has been drilled to a total depth of 3,735m, penetrating the target Dua reservoirs.
After encountering good oil shows wireline logging confirmed 10 metres of (net) oil pay within Upper Dua sandstones and a further 5 metres of (net) oil pay in a shallower reservoir. The reservoir quality is slightly better than expected.
The well was sidetracked to drill the adjacent Chim Boi fault block and encountered oil shows. The well is being plugged and abandoned and the rig will now move to drill the Chim Cong (Peacock) prospect.
Significantly this well has confirmed that oil has charged structures in this southern part of our acreage.
Premier (operator) holds a 37.5% interest in Block 12W, with partners Santos (37.5%) and Delek Energy (25%).
Philippines
The Monte Cristo-1 wildcat exploration well in the SC43 licence has completed drilling. The well encountered the Lower Canguinsa reef objective as planned at a measured depth of 1628 meters. The reef was found to have good reservoir properties but no hydrocarbons were found. Monte Cristo-1 will be plugged and abandoned.
Premier's costs for the well were fully carried under a 2007 farm-out agreement.
Premier holds a 21% participating interest in the SC43 licence. Operator PEARL Oil (Ragay) Ltd. has a 64% interest and PNOC-EC has a 15% participating interest.
Premier's Chief Executive, Simon Lockett, said:
"Whilst Chim Ung and Chim Boi may not be commercial on their own, they confirm the oil charge potential across the southern part of Block 12W which is very encouraging for our exploration programmes here and in our contiguous Block 7/03 acreage."
8 July 2008
|
ENQUIRIES |
|
|
Premier Oil plc |
Tel: 020 7730 1111 |
|
Simon Lockett |
|
|
Tony Durrant |
|
|
Pelham PR |
|
|
James Henderson |
Tel: 020 7743 6673 |
|
Gavin Davis |
Tel: 020 7743 6677 |
|
Evgeniy Chuikov |
Tel: 020 3008 5506 |
Related Shares:
PMO.L