Premier Oil delivers results of gas testing at Matang

Premier Oil has said that following testing on the Matang gas discovery, the structure remains in line with the pre-drill estimate of 100 to 400bn cubic feet.

Premier Oil has said that following testing on the Matang gas discovery, the structure remains in line with the pre-drill estimate of 100 to 400bn cubic feet.

The group tested the formation over a total vertical depth of between 7,785 feet and 7,853 feet, from which it flowed gas at an interval rate of 25m scquare cubic feet.

The initial sampling indicates that the gas contains approximately 15% carbon dioxide.

Simon Lockett, Chief Executive Officer, said: "We are pleased that this successful well test has confirmed Matang as an important discovery coming as it does on the back of exploration successes in the UK and Norway."

The share price dipped 0.23% to 391.20p by 09:25 Monday.

NR

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