Exploration and production company Premier Oil has plugged and abandoned two wells but says that one could potentially be commercial.
The Coaster exploration well in Block 28/10 in the UK reached a total depth of 5,684ft but is now being plugged and abandoned as a "dry hole", the company said in a statement on Monday morning.
A total of 17ft of Tertiary sandstones were encountered but these were shown to be water wet on logs.
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Premier's Chief Executive Officer Simon Lockett admitted that the well was assessed as "very high risk pre-dill", leading the company to take a precautionary farming-out of 50% of its equity.
Operations in the North Sea will continue with the Spaniards East well on Block 15/25a due to spud in September.
Over in Indonesia, Premier's Benteng-1 exploration well on the Buton Block in which the company owns a 30% equity interest, reached a total depth of 12,424ft and is being plugged and abandoned as "a small but potentially commercial oil discovery." Good oil shows were seen over a 111ft interval from a depth of 2,375ft and initial log analysis indicates a 15ft oil-beating Tertiary limestone reservoir.
Lockett said: "The Benteng-1 results are encouraging as theyhave established a working petroleum system ina previously unproven basin."
The group's next exploration well in Asia, the Chim Sao Northwest appraisal well, is due to spud in July.
BC
