26th Sep 2005 08:00
Premier Oil PLC26 September 2005 PREMIER OIL PLC ("Premier") Drilling Update Tevet-2 Appraisal & Exploration Well Premier reports that the Tevet-2 well has been drilled by the "Stena Tay" rig toa depth of 2785 metres, the base of the Miocene channel sand appraisalobjective. Preliminary analysis of drilling and wireline logging data indicates that thewell has encountered gas and oil bearing sands of similar thicknesses to thoseat the Tevet-1 discovery well. A full wireline programme is currently underwayand, when complete, the well will be deepened to explore a cretaceous target. 26 September 2005 ENQUIRIES: Premier Oil plc Tel: 020 7730 1111 Robin AllanMark Akers Pelham PR Tel: 020 7743 6673James HendersonGavin Davis Background For Editors: Premier Oil plc is a leading independent oil and gas company with producinginterests in the UK, Indonesia and Pakistan and an oil development inMauritania. Exploration and appraisal is ongoing in the UK, South and South EastAsia and Africa. The current partners and interests in PSC A and PSC B in Mauritania are: Company PSC A PSC B Chinguetti Exploitation Perimeter1 % % % Woodside 53.846 53.846 47.384BG Group 13.084 11.630 10.234Hardman Resources 24.300 21.600 19.008Fusion Mauritania A3 4.615 - -Premier - 9.231 8.123ROC Oil 4.155 3.693 3.250Groupe Projet Chinguetti2 - - 12.000 1 The Chinguetti Exploitation Perimeter was granted in May 2004 under the terms of the Production Sharing Contract for Area B (PSC B) and contains the Chinguetti oil development. The Government of Mauritania exercised its right to participate in this area effective from 9 November 2004 and retains the right to participate in new developments outside this area. 2 Group Projet Chinguetti is an entity set up to represent the interests of the Mauritanian Government in the Chinguetti oil development. 3 Premier will take up 100% ownership of Fusion Mauritania A (currently owned by Sterling Energy and Premier) on completion of the transaction announced on 28 May 2003. Forward Programme A drilling programme of approximately 12 wells is in place for 2005. Prior tothe Tevet-2 well, two successful wells have been completed earlier this year;the first, a flow test on an appraisal well on the Tiof field in Mauritania andthe second was a discovery and flow test from the Al Amir-1 exploration well inEgypt. Further wells are planned to be drilled later in 2005 and early in 2006in Mauritania, Indonesia, Guinea Bissau, Vietnam and the UK. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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