Premier Oil plugs Cyclone well in UK North Sea

12/7/2012

Premier Oil plugs Cyclone well in UK North Sea

LONDON -- The Cyclone well in United Kingdom block 21/7, in which Premier Oil has 70% equity, has reached a total depth of 6,076 ft and is being plugged and abandoned. The well encountered 105 ft of Palaeocene Cromarty sands, but the well logs identified only residual oil. This suggests that the trap, which was identified as the critical risk factor pre-drill, leaked.

In 2012, Premier drilled five exploration wells targeting Tertiary sands in the United Kingdom Central North Sea.This resulted in the success at Carnaby, within the greater Catcher area. Premier’s Tertiary prospect drilling in the United Kingdom will now concentrate on the greater Catcher area, with Bonneville planned to spud in March 2013.

Premier’s higher impact exploration program in the North Sea focuses on deeper Mesozoic plays with the Luno II and Lacewing prospects expected to spud in the first quarter of 2013.

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