Premier Oil plc has reported that its Chim Ung-1 well in Vietnam has been drilled to a total depth of 3,735m, penetrating the target Dua reservoirs. After encountering good oil shows wireline logging confirmed 10 meters of (net) oil pay within Upper Dua sandstones and a further 5 meters of (net) oil pay in a shallower reservoir. The reservoir quality is slightly better than expected.
The well was sidetracked to drill the adjacent Chim Boi fault block and encountered oil shows. The well is being plugged and abandoned and the rig will now move to drill the Chim Cong (Peacock) prospect.
Significantly, this well has confirmed that oil has charged structures in this southern part of the Company's acreage. Premier (operator) holds a 37.5% interest in Block 12W, with partners Santos (37.5%) and Delek Energy (25%).
In addition, The Monte Cristo-1 wildcat exploration well in the SC43 license of the Philippines has completed drilling. The well encountered the Lower Canguinsa reef objective as planned at a measured depth of 1628 meters. The reef was found to have good reservoir properties but no hydrocarbons were found. Monte Cristo-1 will be plugged and abandoned.
Premier's costs for the well were fully carried under a 2007 farm-out agreement. Premier holds a 21% participating interest in the SC43 license. Operator PEARL Oil (Ragay) Ltd. has a 64% interest and PNOC-EC has a 15% participating interest.
"Whilst Chim Ung and Chim Boi may not be commercial on their own, they confirm the oil charge potential across the southern part of Block 12W which is very encouraging for our exploration programs here and in our contiguous Block 7/03 acreage," said Chief Executive Simon Lockett.
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