3rd Jun 2009 07:00
PREMIER OIL plc
("Premier")
Vietnam Update
3 June 2009
The Cá Rồng Đỏ exploration well (07-CRD-1X) well on Block 07/03 offshore Vietnam has been drilled to TD at a measured depth of 3,810m BRT, having intersected the target intervals. The well was spudded on 6th May 2009 using the semi-submersible drilling unit "Hakuryu-5".
The well encountered oil and gas shows while drilling and wire line logging has now commenced to determine the net pay and nature of the hydrocarbons. A further statement will be made on completion of operations.
Enquiries
Premier Oil plc Tel: 020 7730 1111
Andrew Lodge
Pelham PR
James Henderson Tel: 020 7337 1501 / 07774 444 163
Gavin Davis Tel: 020 7337 1515 / 07910 104 660
Evgeniy Chuikov Tel: 020 7337 1513 / 07894 608 606
Notes for editors
Following the completion of the farm-out agreement announced on 12th May 2009, Premier will hold a 30% interest in Block 07/03. The remaining interest will be held by Vietnam American Exploration Company, LLC. (VAMEX) (40%) a wholly-owned subsidiary of Pitkin Petroleum Plc, PearlOil (Ophiolite) Limited (15%) and Pan Pacific Petroleum (Vietnam) Pty Ltd (15%). The farm-out agreement is subject to Vietnamese Government approval
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