Premier Spuds Isobel-2 Well in North Falkland Basin

Premier Oil has spud the Isobel-2 well in the North Falkland Basin in the South Atlantic, its partners Rockhopper Exploration and Falkland Oil and Gas (FOGL) reported Monday.

The well (designated 14/20-2) is located on license PL004a and lies approximately 2.5 miles away from the 14/20-1 Isobel Deep oil discovery. The well will target the Isobel Deep reservoir and is a re-drill of the 14/20-1 well drilled in the summer, which failed to reach total depth owing to operational issues.

The 14/20-2 well is designed to test the F3 fan systems, which are mapped as entering the basin from the southeast margin and comprise a sequence of stacked reservoirs. In addition to Isobel Deep, the well will also penetrate four other fans within the complex, which comprise: Elaine South, Isobel, Doreen and Irene. The Elaine/Isobel fan complex, based on the operator Premier's estimates, has multiple reservoir targets and gross, mean, un-risked resources of 400 million barrels of oil.

The well is expected to be completed in January.

Commenting in a company statement, FOGL Chief Executive Tim Bushell said:

"I am very pleased to announce the spud of Isobel 2, the final well in our 2015 exploration drilling program. Finding oil in the original Isobel Deep well was very encouraging and the Isobel 2 well location will further evaluate this discovery. This well location also allows us to explore four other fans and hence, provides an opportunity to assess the significant oil resource that may exist within the Isobel/Elaine complex."

Rockhopper CEO Sam Moody added in a separate statement:

"The second well on the Isobel/Elaine complex represents an exciting chance to significantly increase the volume of proven oil in the basin. Not only does it give us another opportunity to explore the Isobel Deep fan, but also a number of further fan bodies in the Isobel area which have never previously been drilled."

Rockhopper holds a 24-percent working interest in the PL004a license, while FOGL has a 40-percent interest.

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