TIDMPMO

RNS Number : 3245G

Premier Oil PLC

05 August 2016

This announcement has been determined to contain inside information

PREMIER OIL PLC

("Premier" or "the Company")

Bagpuss well result

5 August 2016

The 13/25-1 well, which was targeting the Bagpuss prospect, on the Halibut Horst in the Outer Moray Firth, has reached a total depth of 1,532 feet (TVDSS) in granite basement.

The well encountered 41 feet of hydrocarbon-bearing sands within a 68 feet hydrocarbon column. This is in line with pre-drill estimates. The sands have between 25 per cent and 33 per cent porosity and indications are that the oil is heavy. The well is now being plugged and abandoned.

Robin Allan, Director of Exploration and North Sea, commented:

"The Bagpuss well has proven a significant volume of oil in place. We will now work with our partners to carry out a full analysis of the hydrocarbons and reservoir encountered to ascertain whether commerciality can be established."

 
 Enquiries 
 Premier Oil plc                 Tel: 020 7730 1111 
 Tony Durrant, Chief Executive 
 Robin Allan, Director 
  of Exploration & North 
  Sea 
 Bell Pottinger                  Tel: 020 3772 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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August 05, 2016 02:00 ET (06:00 GMT)

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