Premier Oil notes 'potentially significant' oil discovery

Premier Oil has released a statement relating to the exploration well 16/4-6S on the Luno II prospect in PL 359, in which the company has a 30 per cent interest, stating that it has resulted in a 'potentially significant' oil discovery.

Premier Oil has released a statement relating to the exploration well 16/4-6S on the Luno II prospect in PL 359, in which the company has a 30 per cent interest, stating that it has resulted in a 'potentially significant' oil discovery.

The well, which is on the south western flank of the Utsira High, will now be tested to obtain flow rate information.

The well encountered a significant gross reservoir section of close to 200 metres with a gross oil column in excess of 40 metres, the company said.

The oil water contact was encountered at approximately 1,950 metres below mean sea level.

In a statement Premier said: "Information gained so far indicates that the petroleum system in Luno II is different to that of the nearby Edvard Grieg and Johan Sverdrup fields. A comprehensive coring and logging program has been performed and the discovery will now be drill stem tested."

NR

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