Premier Oil Reaches Total Depth at Spaniards East Well

Premier Oil Reaches Total Depth at Spaniards East Well

Premier Oil-operated Spaniards East well in UK block 15/21 in the North Sea has reached a total depth of 10,694 feet and is being plugged and abandoned as a dry hole.

The well, which was spudded on October 14, 2012, encountered 75 feet of Jurassic sands but these were shown to be water wet on the logs, Premier has informed.

The other joint venture partners are Faroe Petroleum, Serica Energy, Cairn Energy, Parkmead, Maersk Oil and Atlantic Petroleum.

Tony Craven Walker, Chairman and Interim CEO of Serica Energy commented: “There was a reasonable pre-drill expectation that the Spaniards discovery extended over a wider area and, given its proximity to existing production facilities, could therefore be commercial. Whilst a full analysis of the well results will be required before a final conclusion can be reached, the initial interpretation now indicates that the accumulation is likely to be confined to a more limited area around the original discovery well.

Upon completion of the activities on Spaniards East, the WilPhoenix rig will move to drill the Cyclone prospect in UK block 28/7 (Premier equity 70%).

[mappress]
Press Release, November 6, 2012