HDR hardman resources limited

premier oil release

  1. 239 Posts.
    some positive comments here from london release

    Premier Oil PLC
    04 November 2003





    PREMIER OIL PLC

    ('Premier')

    Premier Announces Successful Well in Mauritania



    Premier is pleased to report that the drilling and testing of the Chinguetti-4-5
    appraisal well has been successfully completed. This is the first well to be
    drilled following Premier's agreement to acquire interests in Mauritania from
    Fusion Oil & Gas announced in May 2003.



    The well testing operations consisted of a main flow period of approximately six
    days, a sampling flow period and a pressure build up test. The well flowed at a
    maximum rate of 15,680 barrels of oil plus 6.6 million standard cubic feet of
    gas per day constrained by a 112/64 inch choke, and at a steady rate of
    approximately 11,500 barrels of oil per day when constrained by a 72/64 inch
    choke. Approximately 77,000 barrels of oil were produced during testing
    operations.



    The well will be suspended as a potential future oil production well. The
    decision on the field commerciality by the joint venture partners is expected by
    the end of 2003 with formal development go-ahead in 2004. The Chinguetti field
    has estimated recoverable oil reserves of 120 million barrels with production
    expected to commence around the end of 2005 or early in 2006.



    The Chinguetti-4-6 (Tiof) exploration well, also offshore Mauritania, was
    spudded on 28 October 2003 by the drill ship 'West Navigator'. The well is
    located approximately 25 kilometres north of the Chinguetti field. It is
    expected to reach target depth in November.



    After this well the joint venture will drill the Chinguetti-4-7 (Poune)
    exploration well also offshore Mauritania.





    Charles Jamieson, Chief Executive of Premier, said:



    'We are delighted that the Chinguetti well has been a success, following our
    deal with Fusion Oil & Gas earlier this year. This is an excellent start to
    Premier's active exploration and appraisal programme over the next year.'



    4 November 2003




    ENQUIRIES:

    Premier Oil plc Tel: 020 7730 1111
    Charles Jamieson
    John van der Welle


    College Hill Tel: 020 7457 2020
    James Henderson
    Phil Wilson-Brown


    Background For Editors:


    Premier Oil plc is a leading independent oil and gas company with producing
    interests in the UK, Indonesia, and Pakistan. Exploration and appraisal is
    ongoing in the UK, Indonesia, West Africa (Mauritania, Guinea Bissau and Gabon)
    and South Asia (Pakistan and India).



    As previously announced on 28 May 2003, Premier has entered into an agreement
    with Fusion Oil & Gas Ltd regarding its interests in Mauritania. Premier will
    acquire a 6% share of PSC B (which includes the Chinguetti field) and a 3% share
    of PSC A from Fusion Oil & Gas on completion of the transaction. Completion will
    take place separately for each PSC and will occur on Mauritanian government
    approval of a field development plan for a field in each PSC.



    The current partners and interests in Mauritania PSC B are:


    Woodside Mauritania Pty Ltd (Operator) 35.0%
    AGIP Mauritania BV 35.0%
    Hardman Resources Ltd 21.6%
    Fusion Mauritania B Limited* 6.0%
    Roc Oil (Mauritania) Company 2.4%





    The Government of Mauritania has the right to back in to 12% equity in
    developments producing up to 75,000 barrels of oil per day.



    *Premier will take up its 6% share of PSC B from Fusion Oil & Gas on completion
    of the transaction announced on 28 May 2003
 
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