TD Reached at Premier's Ca Rong Do Appraisal

Premier has reached total depth on its Ca Rong Do-2X appraisal well in Block 07/03 offshore Vietnam. Drilled to a depth of 12,418 feet (3,785 meters), the well was deepened from the preliminary TD of 10,200 feet (3,109 meters) to evaluate the Oligocene sands.

The operator then conducted two drill stem tests in this section: the first zone flowed gas and condensate at rates of 9.7 MMcf/d and 870 bopd through a 40/64-inch choke; the second zone flowed gas and condensate at rates of 17 MMcf/d and 1,730 bopd through a 56/64-inch choke. The test results from the Oligocene section provide further exploration upside across the area, stated the operator.

The well will now be sidetracked to further evaluate the distribution of hydrocarbons in the Miocene sands. The Ca Rong Do field is located on Block 07/03 in the prospective Nam Con Son Basin offshore Vietnam.

Premier operates Block 07/03, holding a 30% interest. Partners on the block include Vietnam American Exploration Company (40%), PearlOil (15%), PetroVietnam (10%), and PPP (5%).