Premier Oil strikes oil in North Falkland basin

5/28/2015

LONDON -- Premier Oil has struck oil at the Isobel Deep exploration well, 14/20-1, in the North Falkland basin, approximately 30 km south of Sea Lion field.

The Isobel Deep exploration well has been drilled to a depth of 8,289 ft reaching top reservoir on prognosis. The bottom 75 ft of the well consists of oil bearing F3 sands. These sands were at a higher than expected reservoir pressure and this resulted in an influx into the well. As part of the operations to remove the influx, oil was recovered from the well and appears similar in nature to Sea Lion crude.

As a result of the new geological information, it has been decided to suspend operations on the well and release the rig to drill in the South Falkland basin. The rig is expected to return to continue operations in the North Falklands basin in August.

Premier is now considering the optimal appraisal program for the Elaine/Isobel complex in PL004.

“This is an important play opening discovery in the previously unexplored southern area of License PL004. The well has successfully demonstrated a trapping mechanism and the presence of moveable oil in the Elaine/Isobel fan complex,” Andrew Lodge, Premier Oil’s exploration director, said.

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