24th Jun 2009 07:00
PREMIER OIL plc
("Premier")
Vietnam Discovery
Premier is pleased to announce that it has successfully completed drill stem testing of the Cá Rồng Đỏ discovery well on Block 07/03, offshore Vietnam. As announced on 3rd June 2009, the Cá Rồng Đỏ well was drilled to a total depth of 3,810m BRT and has intersected approximately 90m net oil and gas pay within multiple stacked reservoir layers. Two of these reservoir zones have now been tested. The zones tested flowed oil at a combined rate of 3,265 barrels of oil per day plus 8.1 million standard cubic feet of gas per day, through a 48/64" choke. No water was produced from either zone.
Premier plans to conduct a 3D survey to define the resource potential of the Cá Rồng Đỏ discovery and adjacent structures and to determine future exploration and appraisal activity. Premier currently plans to drill a second exploration well elsewhere on Block 07/03 in Q4 2009.
Simon Lockett, Chief Executive, commented:
"We are delighted to have encountered hydrocarbons, both oil and gas, with our first well on Block 07/03, giving us encouragement that we have a working hydrocarbon system within this large under-explored area of the Nam Con Son Basin. Given numerous leads and prospects in this and our adjoining acreage, we look forward to an active seismic and drilling programme as a follow up to this success"
24th June 2009
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
Notes to Editors
Block 07/03 covers 4,915 km2 in the Nam Con Son Basin, and is adjacent to Block12W which contains Premier's Chim Sáo and Dua Oil Fields.
Partners in Block 07/03 are Premier Oil Vietnam South B.V. 30% ("Premier", Operator), Vietnam American Exploration Company, LLC. 40% ("Vamex", a wholly-owned subsidiary of Pitkin Petroleum Plc), and PearlOil (Ophiolite) Ltd 15% ("Pearl"). Pan Pacific Petroleum (Vietnam) Pty Ltd ("PPPV") has 15% equity following a farm-in agreement which is subject to Vietnamese Government approval.
Related Shares:
PMO.L