Premier Oil Logs Pay at Dua-5X in Vietnam

Premier Oil

Premier Oil has completed drilling and logging of well Dua-5X on Block 12E in Vietnam. Following the drilling of well Dua-4X which encountered oil and gas within the northern fault block of the Dua structure, Premier drilled the Dua-5X vertical well to evaluate the adjacent southern fault block.

Well Dua-5X intersected multiple gas and oil reservoirs in the southern fault block of the Dua structure. Wireline testing of Dua-5X recovered oil samples and pressure data to help define the quantity and quality of hydrocarbons within the southern fault block of the Dua structure. Preparations are now being made to Drill Stem Test the well.

Dua-5X is the first successful intersection of the primary reservoir in the southern fault block of the Dua structure. It was drilled after successful evaluation of the northern fault block by Dua-4X drilled in May this year. That well was drilled down-dip of the 1974 Dua-1X discovery well which flowed 1,500 barrels of oil per day.

Following completion of testing operations on Dua-5X, Premier will drill the Blackbird prospect to explore a large tilted fault block updip of a pre-existing well which encountered very good oil shows.

On completion of the farmout agreement and subject to receipt of the approvals required from the Government of the Socialist Republic of Vietnam, Premier (as operator) will hold a 37.5% interest in Block 12E. The other partners will be Santos (37.5%) and Delek Energy (25%).

Premier's Chief Executive, Simon Lockett, said:
"We are very excited by the discovery of oil and gas in Dua's previously undrilled southern fault block. We look forward to the results of the drill stem test on Dua-5X which will provide more information on the potential development options available to the joint venture. Results to date are encouraging for Blackbird and other prospects in the area"