Premier seeking to farm out some interest in Tuna block

By Romel S. Gurky

British firm Premier Oil plc said it is seeking to farm out some of its interest in the Tuna block offshore Natuna Island.

?Premier is conducting a farm-out process with a view to reducing its 65 per equity interest in the block in order to manage its exposure going forward,? the firm said in a statement Thursday.

Evaluation of the potential development scenarios for the 2014 Kuda/Singa Laut discoveries on the block remains ongoing, the firm said.

In April 2014, the firm said the firm has discovered 183 feet of net oil-bearing reservoir and 327 feet of net gas-bearing reservoir in Kuda Laut-1 well. Oil and gas samples were also recovered to surface. The well was then side-tracked to drill the Singa Laut prospect in an adjacent fault block where 177 feet of net gas-bearing reservoir quality sands were penetrated

Premier owns 65 percent operated interest in the block. The remaining 35 percent is owned by Mitsui Oil Exploration.

Editing by Johannes Simbolon