Premier Oil resolves BOP problem, restores operations at Falkland well

5/12/2015

LONDON -- Falkland Oil and Gas Ltd. has announced that the technical issues relating to the blow-out preventer (BOP) control system on the 14/20-1 'Isobel Deep' well (operator-Premier Oil) offshore Falkland Islands have now been fully resolved and drilling operations have recommenced.

Whilst these repairs were being undertaken the rig was utilised to drill top-hole sections and set conductors on the Chatham and Jayne East locations. On Jayne East, (FOGL 40% interest) the 36” conductor was set at a depth of 541 m and the well temporarily suspended. Drilling on Jayne East will recommence when the rig returns after the Humpback well in the South Falklands basin.

The Isobel Deep well is expected to take approximately 15 days to complete. A further release will be issued once logging is completed.

FOGL is fully carried through the costs of the Isobel Deep and Jayne East wells by Premier Oil and Rockhopper Exploration and therefore, is not impacted by these operational issues.

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