Premier Makes Oil, Gas Finds in Indonesia, Pakistan

UK independent Premier Oil reported Monday that it has made oil and gas discoveries offshore Indonesia and onshore Pakistan.

Premier said that its Kuda Laut-1 well in the Tuna production sharing contract (PSC), where the firm is the operator with a 65-percent stake, found 183 feet of net oil-bearing reservoir and 327 feet of net gas-bearing reservoir. The well is to be side-tracked to drill the Singa Laut prospects in the adjacent fault block, with results expected in late May.

Elsewhere in Indonesia, drilling is continuing at the Ratu Gajah-1 exploration well in the Natuna Sea Block A PSC, where Premier is also the operator with a 28.67-percent holding. Results here are expected in May.

In Pakistan, the K-36 well on the Kadanwari block (in which Premier has a 15.79-percent interest) encountered a total net gas pay of 65 feet and flowed at 50 million standard cubic feet per day through a 64/64-inch choke on test. The well is now tied into the Kadanwari facilities and has been on production since April 16. Operations continue on the K-34 well with results expected in May.

Premier also reported that the Badhra-8 well on the Badhra block (Premier six-percent interest) onshore Pakistan was plugged and abandoned as a dry hole, while operations at the Badhra South-1 Deep well continue with results expected in May.

Meanwhile, the company confirmed that the Tapendar-1 exploration well, offshore Mauritania, has been plugged and abandoned as a dry hole.

Premier Exploration Director Andrew Lodge commented in a company statement:

"We are very pleased to announce discoveries in both Indonesia and Pakistan, continuing the exploration success we enjoyed throughout 2013. Discovering oil at Kuda Laut is of particular significance and we now look forward to the results of Singa Laut. This is the first of a number of high impact wells Premier plans to drill over the next 12 months."

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