Premier Oil PLC Drilling update - Isobel Deep oil discovery (4208O)
28 May 2015 - 4:01PM
UK Regulatory
TIDMPMO
RNS Number : 4208O
Premier Oil PLC
28 May 2015
Premier Oil plc
"Premier" or the "Company"
Drilling update - Isobel Deep oil discovery
28 May 2015
Premier is pleased to announce an oil discovery at the Isobel
Deep exploration well 14/20-1 in the North Falkland Basin,
approximately 30km south of the Sea Lion field.
The Isobel Deep exploration well has been drilled to a depth of
8,289 feet reaching top reservoir on prognosis. The bottom 75 feet
of the well consists of oil bearing F3 sands. These sands were at a
higher than expected reservoir pressure and this resulted in an
influx into the well. As part of the operations to remove the
influx, oil was recovered from the well and appears similar in
nature to Sea Lion crude.
As a result of the new geological information it has been
decided to suspend operations on the well and release the rig to
drill in the South Falkland Basin. The rig is expected to return to
continue operations in the North Falklands Basin in August.
Premier is now considering the optimal appraisal programme for
the Elaine/Isobel complex in PL004.
Andrew Lodge, Exploration Director, commented:
"This is an important play opening discovery in the previously
unexplored southern area of Licence PL004. The well has
successfully demonstrated a trapping mechanism and the presence of
moveable oil in the Elaine/Isobel fan complex."
Enquiries
Premier Oil plc 0207 730 1111
Tony Durrant
Andrew Lodge
Bell Pottinger 0203 772 2570
Gavin Davis
Henry Lerwill
This information is provided by RNS
The company news service from the London Stock Exchange
END
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