26th Aug 2009 08:05
PREMIER OIL plc
("Premier" or "the Company")
Drilling update - Norway, Congo
26 August 2009
Norway
As published in Norway earlier today, Premier announces the successful completion of the drilling and testing of the Bream appraisal well (17/12-4, 4A and 4B) on Block 17/12 in Norway. A vertical pilot hole and two horizontal side-tracks were drilled. One of the side-tracks was tested from a limited perforated interval with a maximum flow-rate of 2,516 boepd.
The principal objectives of the appraisal were achieved in determining the deliverability and connectivity of the Middle Jurassic Brent aged reservoirs. The target Middle Jurassic Bryne sand sequence was encountered as prognosed. An extensive data collection program has been carried out including coring of the reservoir, wireline logging operations and a DST which suggest initial recoverable volumes of between 39 - 63mmbbl. Further evaluation is ongoing.
The well was drilled in a water depth of 110 metres to a depth of 2452 metres below sea level and has now been plugged and abandoned.
Congo
The Frida Marine -1 well in the Congo Marine IX permit has reached a target depth of 3250m. Logging has indicated that the well did not encounter hydrocarbons and it is being plugged and abandoned as a dry hole. Well result analysis is ongoing to determine implications of this result on the follow-up prospect, Ida.
The rig is expected to be off contract on the 29th August.
Simon Lockett, Chief Executive Officer, commented:
"We are disappointed that the Frida well encountered no hydrocarbons, however the news from Bream is extremely encouraging for future development in Norway. Additional potential exists on adjoining acreage operated by Premier including the discovery on 18/10 and the Gardrofa prospect. These could add the volumes required for a potential Bream Area development."
Enquiries
Premier Oil plc Tel: 020 7730 1111
Simon Lockett
Tony Durrant
Pelham PR
James Henderson Tel: 020 7337 1501 / 07774 444 163
Gavin Davis Tel: 020 7337 1515 / 07910 104 660
Evgeniy Chuikov Tel: 020 7337 1513 / 07894 608 606
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