30th Jun 2006 07:30
Premier Oil PLC30 June 2006 PREMIER OIL PLC ("Premier" or "the Company") Vietnam update - Dua-4X Premier Oil has completed operations on well Dua-4X on Block 12E in Vietnam, asan oil and gas discovery. Following interpretation of a 3D seismic survey acquired in 2005, Premier hasdrilled well Dua-4X down-flank from the 1974 Dua-1X discovery well, a well thatflowed 1,500 barrels of oil per day. Following the intersection of hydrocarbonsin the Dua 4X vertical well, a sidetrack has been drilled (Dua-4X ST1) toprovide further geological information. Wireline testing of both Dua-4X andDua-4X ST1 recovered oil samples and core and pressure data to help define thequantity and quality of hydrocarbons within the northern flank of the Duastructure. As planned, no DST was performed. Premier will now undertake a second geological sidetrack, Dua-4X ST2, to furtherevaluate potential gas and oil reservoirs in the southern fault block of the Duastructure. Following completion of Dua-4X ST2, Premier will drill well 12E-CS-1X on theBlackbird prospect to explore a large tilted fault block updip of a pre-existingwell (12E-LK-1X) which encountered very good oil shows. On completion of the farmout agreement announced on 26th April 2006, Premier (asoperator) will hold a 37.5% interest in Block 12E. The other partners will beSantos (37.5%) and Delek Energy (25%). Premier's Chief Executive, Simon Lockett, said: "I am pleased that Premier's first operated well in Vietnam has providedconfirmation of oil and gas in Dua's northern fault block. We look forward tothe results of the sidetrack into the southern fault block." ENQUIRIESPremier 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:
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