Premier Highlights Norwegian Success Despite Dry Hole in Congo

As published in Norway earlier today, Premier announced the successful completion of the drilling and testing of the Bream appraisal well (17/12-4, 4A and 4B) on Block 17/12 in Norway. A vertical pilot hole and two horizontal side-tracks were drilled. One of the side-tracks was tested from a limited perforated interval with a maximum flow-rate of 2,516 boepd.

Congo

Additionally, Premier reported that the Frida Marine -1 well in the Congo Marine IX permit has reached a target depth of 3250m. Logging has indicated that the well did not encounter hydrocarbons and it is being plugged and abandoned as a dry hole. Well result analysis is ongoing to determine implications of this result on the follow-up prospect, Ida.

The rig is expected to be off contract on the August 29.

Simon Lockett, Chief Executive Officer, commented, "We are disappointed that the Frida well encountered no hydrocarbons, however the news from Bream is extremely encouraging for future development in Norway. Additional potential exists on adjoining acreage operated by Premier including the discovery on 18/10 and the Gardrofa prospect. These could add the volumes required for a potential Bream Area development."
 

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