Premier Oil updates Indonesian operation

The following is an edited excerpt taken from Premier Oil?s exploration and appraisal update released on Monday on its Indonesian operation. (ed)

Gajah Laut Utara, Indonesia (Premier 65%)
In Indonesia on the Tuna block, the Gajah Laut Utara-1 exploration well has reached a total depth of 4,688 metres in pre-Tertiary basement and is being plugged and abandoned with oil and gas shows. Oil shows were reported throughout a 350 metre thick succession of interbedded sandstones and shales in the Oligocene. However, logs suggest that the majority of these Oligocene sandstones are tight. One zone was sampled and gas was recovered. The well also encountered good quality water wet reservoir rocks within the Miocene sequence and source rocks within the Oligocene. A working oil and gas petroleum system has therefore been established on the Tuna block. The Ocean General rig will now move to drill the Belut prospect. Belut Laut is located approximately 10 kilometres north-west of Gajah Laut Utara, in a separate sub-basin and is an independent test of the petroleum system on the Tuna acreage. The results of the Belut well are expected in early August. (end of edited excerpt)