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Premier Oil PLC (PMO.LN) Wednesday announces the completion of well 35/12-2, Premier's first exploration well on licence PL378 in Norway in which the Company holds a 20% interest.

MAIN FACTS:

-The objective of the well was to test the potential in the Viking group in the Upper Jurassic reservoir rocks and in the Brent group in the Middle Jurassic reservoir rocks.

-The well proved hydrocarbons in both reservoirs and extensive data acquisition and sampling has been carried out.

-The size of the combined oil and gas discovery is estimated at between 35 and 190 millions of barrels of oil equivalent.

-Well 35/12-2 was drilled by the Songa Delta drilling facility to a vertical depth of 2512 metres below the sea surface, in water depth of 360 metres, and was terminated in the Rannoch Formation in the Middle Jurassic.

-The discovery lies 10km north east of the Fram field in the Norwegian North Sea.

-Over the next 18 months Premier plans to drill at least four further exploration and appraisal wells in Norway, and initial success bodes well for this future programme.

-Wintershall Norge ASA serves as the operator and holds a 40% interest

-Other licensees are Premier Oil Norge AS, Norwegian Energy Company ASA and Spring Energy Norway AS, each with a 20% interest.

 
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com