Premier Drills Two Dusters

Premier Oil says the Eirozes-1 well has been drilled to a total depth of 2,252m offshore Guinea Bissau. The well encountered Albian sandstones as prognosed. However, wireline logging has been completed and indicates the well has not encountered any significant hydrocarbons. The well is now being plugged and abandoned.

The Peveril well has been drilled to a total depth of 3,003m. The well did not encounter reservoir quality sandstones, and is now being plugged and abandoned. Premier was carried through the costs of drilling Peveril through a farmdown of its interest.

Premier's Chief Executive, Simon Lockett, said:
'Although we farmed out both wells substantially reducing our exposure, we are disappointed that the Eirozes-1 and Peveril wells did not discover hydrocarbons. However, Premier's 2007 exploration campaign continues with the acquisition of a major 3D seismic program in Vietnam, the Masimpur-3 well in India and the Gajah Sumatera-1 well in Indonesia, both of which are currently drilling. In addition, the Anne well, offshore Pakistan, is due to spud in June.'

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