11th Oct 2006 10:00
Premier Oil PLC11 October 2006 PREMIER OIL PLC ("Premier" or "the Company") Dua-5X testing results Vietnam Premier Oil is very pleased to announce it has successfully completed testing ofwell Dua-5X on Block 12E offshore Vietnam. Well Dua-5X discovered multiple gasand oil reservoirs in the southern fault block of the Dua structure. Tworeservoir intervals were tested. The primary reservoir target flowed oil at astable rate of 5,543 barrels of oil per day ("bopd") plus 6.76 million standardcubic feet of gas per day ("MMscfd") through a 128/64" choke. A deeper secondaryreservoir flowed at a rate of 247 bopd through a 28/64" choke. Neither zoneproduced water on test. Premier Oil, as operator of the Block 12E PSC, will now commence the resourceassessment and preparation of a reservoir evaluation report. This is the firststep in the commercialisation process. Immediately prior to drilling the southern fault block, Premier drilled wellsDua-4X and Dua-4X ST1 in the northern fault block of Dua. These wells werestep-outs from the 1974 Dua-1X discovery well from which the main reservoirflowed at a rate of 1,500 bopd. Wireline testing of both Dua-4X and Dua-4X ST1recovered oil samples and pressure data. Following completion of operations on Dua-5X, Premier will drill the Blackbirdprospect to explore a large tilted fault block updip of an old well thatencountered very good oil shows. On completion of a farmout agreement between Premier Oil and Santos, and subjectto receipt of the approvals required from the Government of the SocialistRepublic of Vietnam, Premier (as operator) will hold a 37.5% interest in Block12E. The other partners will be Santos (37.5%) and Delek Energy (25%). Premier's Chief Executive, Simon Lockett, said: "We are very pleased that the Dua-5X well test result is substantially betterthan expected. The result confirms our decision to proceed rapidly todevelopment studies." 11 October 2006 ENQUIRIES Premier 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:
PMO.L