13th Apr 2005 07:00
Premier Oil PLC13 April 2005 PREMIER OIL PLC("Premier") Egypt Well Successfully Tests Oil Premier Oil is pleased to announce an oil discovery with the Al Amir-1 farm-inwell, its first exploration well in Egypt. Operations on the well are continuing following testing of the South GharibFormation at stable rates of over 750 barrels of oil per day (bopd). Currentplans are to suspend this well as a potential future producer. The Al Amir-1 well was drilled on the onshore North West Gemsa Concession in theGulf of Suez oil province approximately 300 kilometres southeast of Cairo. This is the second well result announced by Premier in 2005, the first being asuccessful test of the Tiof-6 well in Mauritania which flowed at a stable rateof 9,150 bopd. Premier has a programme of up to 16 exploration and appraisalwells in 2005. Premier's Chief Executive, Simon Lockett, said: "It is very encouraging to have successfully tested oil from our first well onthis concession. This shallow discovery is located adjacent to infrastructure,and therefore should be low cost to develop. We are planning to appraise thediscovery to determine reserves as well as explore the other plays on thisacreage." 13 April 2005 ENQUIRIES: Premier Oil plc Tel: 020 7730 1111Simon LockettRobin Allan College Hill Tel: 020 7457 2020Jim JosephNick Elwes Background For Editors: Premier Oil plc is a leading independent oil and gas company with producinginterests in the UK, Indonesia and Pakistan. Exploration and appraisal isongoing in the UK, South and South East Asia and Africa. Premier's strategy is to add significant value per share through exploration andappraisal success, astute commercial deals and asset management. The company'soperating business and strong finances put the company in the position tooperate successfully in all reasonable external environments. Eleven exploration and appraisal wells were completed in 2004, six of which havesuccessfully found hydrocarbons in Mauritania (Tevet and Tiof wells), Indonesia(Gajah Baru field) and Guinea Bissau (Sinapa). A drilling programme of up to 16 wells is in place for 2005. Exploration ofPremier's Egyptian acreage began in December 2004 with the Al Amir-1 well. InIndia, the Lakkhi-1 well commenced in early April 2005. Further wells areplanned to be drilled later in 2005 in Mauritania, Pakistan, Indonesia, GuineaBissau, Gabon and Vietnam. The current partners and interests in the North West Gemsa Concession in Egyptare: Company North West Gemsa Concession % Vegas Oil & Gas SA (Operator) 62.5 Premier Oil 37.5 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
PMO.L