6th Sep 2005 07:01
Premier Oil PLC06 September 2005 PREMIER OIL PLC ("Premier") Premier Completes Testing of Lakkhi-1 Exploration Well in NE India Premier reports that drill-stem testing operations at the Lakkhi-1 explorationwell in Assam, North East India have been completed. Based on oil and gas 'shows' during drilling and subsequent electric wirelinelogs, several potential hydrocarbon-bearing zones were identified in the BarailFormation in line with the pre-drill prognosis. Two separate intervals of the Barail formation were tested and flowed gas andcondensate at sub-commercial rates. The well is to be suspended to allowpossible re-entry with a work-over rig at a later date for further testing orevaluation. Simon Lockett, Premier's Chief Executive Officer said: "We are encouraged to have encountered hydrocarbons in the prospect though atthis location the reservoir appears to be tight leading to low flow rates. Thedata gathered from this well will be used to determine future explorationactivities on the block." 6 September 2005 ENQUIRIES: Premier Oil plc Tel: 020 7730 1111 Simon Lockett Tony Durrant Pelham PR Tel: 020 7743 6673 James Henderson Gavin Davis Background For Editors: Premier Oil plc is a leading independent oil and gas company with producinginterests in the UK, Indonesia and Pakistan and an oil development inMauritania. Exploration and appraisal is ongoing in the UK, South and South EastAsia 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. A drilling programme of approximately 12 wells is in place for 2005. Prior toLakkhi-1 well, two successful wells have been completed so far this year; thefirst, a flow test on an appraisal well on the Tiof field in Mauritania and thesecond was a discovery and flow test from the Al Amir-1 exploration well inEgypt. An appraisal of the Al Amir discovery is planned for later this year.Further wells are planned to be drilled later in 2005 and early in 2006 inMauritania, Pakistan, Indonesia, Guinea Bissau, Gabon and Vietnam. The partners and interests in Block AAP-ON-94/1 (Jaipur) are: Current Interests Exploration Phase Premier Oil (Operator) 38.0%HOEC 25.0%IOC 27.0%OIL 10.0% This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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