26th Mar 2007 07:03
Premier Oil PLC26 March 2007 PREMIER OIL PLC ("Premier" or "the Company") Drilling Update Guinea Bissau Premier announces that the Espinafre-1 well in Guinea Bissau is being pluggedand abandoned. The well encountered salt shallower than expected and repeatedattempts to deviate the well away from the salt dome were unsuccessful due tohole stability problems in shallow formations considerably above the targetreservoir. After completion of operations on Espinafre-1, the Global Sante-Fe Rig Balticwill move to the second well in Premier's 2007 Guinea Bissau programme,Eirozes-1. UK The Peveril well on Blocks 39/2 & 39/7 is expected to spud on Monday 26th Marchtargeting a 40 million barrel prospect adjacent to Premier's existing Fife areafields. Premier's Chief Executive, Simon Lockett, said: "We are disappointed that the Espinafre-1 well was unable to reach the targethorizons. However, we remain hopeful that the much larger second prospect inour Guinea Bissau programme, Eirozes, will generate success. In addition, ourhigh impact well programme continues with the Peveril well in the UK and theMasimpur-3 well in India." 26 March 2007 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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