Premier Oil discovers oil in Isobel Deep offshore Falkland

1/11/2016

LONDON – Premier Oil's Isobel Deep re-drill (well 14/20-2) has successfully confirmed the oil discovery encountered in the original Isobel Deep well. In addition, the re-drill has discovered new hydrocarbons in additional sandstones, the company said Monday.

The well, which is located on license PL004A (Premier 36% operated interest), reached TD at 3,014 m encountering oil bearing intervals in a number of sandstone reservoirs between 2,564 m and 2,861 m, the latter being the base of the Isobel Deep sand.

No oil-water contacts have been encountered in a gross oil bearing interval of approximately 300 m. Further evaluation will now be required to calibrate the well with the existing 3D seismic in order to determine future plans and the extent of the discovered resource.

Operations have now been suspended, and the well will be plugged and abandoned as planned.

“The results of this well confirm the success of the Isobel Deep 14/20-1 well announced in May last year," Robin Allan, Premier Oil's exploration director, said. "We have encountered a substantial oil bearing interval, which confirms the potential of this part of the North Falkland basin as a standalone discovery. This successful re-drill of the Isobel Deep oil sand along with the additional discovery of new oil-bearing sandstones, is extremely encouraging for the prospectivity of the area with a proven petroleum system and a number of prospects established.”

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