27th Apr 2005 12:26
Premier Oil PLC27 April 2005 PREMIER OIL PLC ("Premier") Exploration Update Appraisal of Egyptian Discovery Premier is pleased to announce that, following suspension of the successful AlAmir-1 well, the joint venture partners are planning to drill an appraisal wellin the third quarter of 2005. The flow test from the Al Amir-1 well achieved a stable flow of 750 barrels perday (previously announced on 13th April) of 17 degree API oil from the South GharibFormation. Data obtained after the flow test indicates the formation is morehighly pressured than expected which has positive implications for oil recovery. Additionally several prospects have been mapped elsewhere on the block and arecandidates for drilling. 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. Signing of Jhangara Licence Premier also announces the signing of the Jhangara Petroleum ConcessionAgreement and Exploration Licence with the Government of Pakistan. Premier Oil holds a 50% working interest and is the operator of the block whichlies close to the large producing Bhit and Zamzama gas fields in which Premieralso has interests. Premier's Chief Executive, Simon Lockett, said: "We are pleased to be carrying out an early appraisal of our recent discovery inEgypt. In Pakistan, the signing today of the Jhangara Licence enables us toconfirm our plans for an exploration well, Maliri-1, in the third quarter ofthis year." 27 April 2005 ENQUIRIES: Premier Oil plc Tel: 020 7730 1111 Simon Lockett Robin 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 and isexpected to continue with appraisals in 3rd quarter. In India, the Lakkhi-1 wellcommenced in early April 2005. Further wells are planned to be drilled later in2005 in Mauritania, Pakistan, Indonesia, Guinea Bissau, 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) 62.5Premier Oil 37.5 The current partners and interests in the Jhangara Concession in Pakistan are: Company Jhangara Concession %Premier Oil (Operator) 50BHP Billiton 50 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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