Premier Oil Strikes Another Gas Discovery in Indonesia

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Premier Oil’s (LSE:PMO) recently drilled well in Indonesia proved to be successful after encountering gas-bearing quality sands, the company reported on Wednesday.

In a statement, the FTSE 250 oil and gas explorer said the Singa Laut-1 well discovered 177 feet of net gas reservoir in its Tuna Production Sharing Contract, where it holds 65 percent interest.

The well is a sidetrack exploration, following the discovery of 183 feet of net oil-bearing reservoir and 35 feet of gas-bearing reservoir after drilling the Kuda Laut-1 well back in April 2014.

“Appraisal drilling to further assess the combined Singa Laut and Kuda Laut oil and gas resources is targeted for 2015,” Premier Oil’s disclosure stated.

On the other hand, its Ratu Gajah-1 well, located in the producing Natuna Sea Block, was not able to replicate the success of the previous wells drilled in the area, as low quality sandstones were instead discovered. The result, according to Premier Oil, will be incorporated with the explorer’s understanding of the area.

Meanwhile, Premier Oil expects to commence its exploration and appraisal campaign in its Falklands Islands acreage by the second quarter of 2015, following the signing of a rig contract and rig sharing agreement.

Appraisal drillings in its Natuna Sea Block is also set in 2015.

Shares rose 1.4 percent to 355 pence by 8:33 GMT.

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