Premier Oil, as operator of the Block 12E PSC, will now commence the resource assessment and preparation of a reservoir evaluation report. This is the first step in the commercialization process.
Immediately prior to drilling the southern fault block, Premier drilled wells Dua-4X and Dua-4X ST1 in the northern fault block of Dua. These wells were step-outs from the 1974 Dua-1X discovery well from which the main reservoir flowed at a rate of 1,500 bopd. Wireline testing of both Dua-4X and Dua-4X ST1 recovered oil samples and pressure data.
Following completion of operations on Dua-5X, Premier will drill the Blackbird prospect to explore a large tilted fault block updip of an old well that encountered very good oil shows.
On completion of a farmout agreement between Premier Oil and Santos, and subject to receipt of the approvals required from the Government of the Socialist Republic of Vietnam, Premier (as operator) will hold a 37.5% interest in Block 12E. The other partners will be Santos (37.5%) and Delek Energy (25%).
Premier's Chief Executive, Simon Lockett, said:
"We are very pleased that the Dua-5X well test result is substantially better than expected. The result confirms our decision to proceed rapidly to development studies."
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