Premier Oil discovers oil at Bonneville and gas at Matang

FTSE 250-listed exploration and production company Premier Oil has discovered oil at Bonneville in the UK and gas at Matang in Indonesia.

FTSE 250-listed exploration and production company Premier Oil has discovered oil at Bonneville in the UK and gas at Matang in Indonesia.

The company reported that oil had been discovered at the Bonneville exploration well and its side track.

The Bonneville prospect is located four kilometres south of the Burgman discovery on the Catcher licence in the UK Central North Sea.

The company said that the Bonneville discoveries were in "excellent quality reservoirs" with "average porosities of approximately 30%".

The estimated oil in place from the Bonneville discoveries was approximately 30m barrels, in line with pre-drill predictions.

In addition to the oil discovery at Bonneville, the company said that the Matang-1 exploration well in Indonesia, in which Premier has 41.67% equity, had discovered gas and would be tested.

The company said that testing of the Luno II discovery in Norway, in which Premier has 30% equity, had commenced and results would be expected before the end of the month.

Simon Lockett, Chief Executive Officer, commented: "We are delighted with the strong start to our 2013 exploration drilling programme with the previously announced discovery at Luno II and now the discoveries at Bonneville and Matang."

He added: "We look forward to the outcome of the test programmes at Luno II and Matang while the Bonneville discoveries will be tied back to our important Catcher area development, which is targeted for project sanction by year-end."

MF

Recommended

Share tips of the week – 7 October
Share tips

Share tips of the week – 7 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
6 Oct 2022
5 of the world's best stocks
Share tips

5 of the world's best stocks

Concentrating on a few highly profitable companies that excel in their fields can reduce the overall risk in your portfolio, says Rupert Hargreaves. H…
6 Oct 2022
The Burberry share price looks like a good bet
Trading

The Burberry share price looks like a good bet

The Burberry share price could be on the verge of a major upswing as the firm’s profits return to growth.
5 Oct 2022
3 emerging market dividend stocks to buy now
Share tips

3 emerging market dividend stocks to buy now

Professional investor Omar Negyal of the JPMorgan Global Emerging Markets Income Trust picks three of his favourite emerging market stocks for income …
4 Oct 2022

Most Popular

Should you take a 25% tax-free pension lump sum in instalments?
Pensions

Should you take a 25% tax-free pension lump sum in instalments?

Taking out a 25% tax-free lump sum sounds appealing but it might not be the best way to manage your pension
30 Sep 2022
Markets may have bounced, but this is not the end of the bear market
Stockmarkets

Markets may have bounced, but this is not the end of the bear market

Stocks are back on the rise, commodities and precious metals prices are up – even the pound has rebounded. But none of this is typical of bull markets…
5 Oct 2022
October’s Premium Bonds: how to check if you are a winner
Savings

October’s Premium Bonds: how to check if you are a winner

NS&I has added almost 110,000 more prizes to October’s Premium Bond draw – are you a winner?
4 Oct 2022