Premier Drills Duster in North Sea

The Criollo-1 well, 20/10b-5, located in license P1048 in the Moray Firth in the North Sea, commenced drilling on March 18, 2004. The objective of the well was to test a stratigraphic pinch-out prospect in the Esk Trough, east of the Buzzard field. The well was drilled by Transocean's semisub, Sedco 714.

The well proved the presence of Upper Jurassic sandstones but with only a trace of hydrocarbons. It has been plugged and abandoned.

A further prospect, structurally rather than stratigraphically defined, will now be evaluated.

Charles Jamieson, Chief Executive of Premier, said:

'This well was always high risk high reward but unfortunately not all of the factors for success were present in this case. However, finding Upper Jurassic sandstones will improve the chances of another prospect on the license should the joint venture decide to drill a second well.

We are pressing ahead with the rest of our 18 well program in 2004 - this was the first well of that program to complete.'