Premier Oil abandons North Sea well

Premier Oil's Bluebell exploration well on UK Block 15/24 in the Central North Sea will be plugged and abandoned after the logs were water wet.

The next exploration wells to be drilled in the region are the Stingray and Carnaby wells. Both wells are planned to "spud" in early April with results expected in May; spudding is the oil industry term for piercing the surface of the earth with a drill.

In Pakistan the K-30 exploration well, which spudded on January 15th on the Kadanwari block, has been successful. The operator plans to tie the well into the production facility by the end of the second quarter 2012, delivering around 30m standard cubic feet per day.

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Simon Lockett, Chief Executive Officer, said: "We recognised the geological risks of the Bluebell prospect and farmed down prior to drilling to manage this exposure. The K-30 result is very encouraging and continues our success in supplementing production in Pakistan through near-field exploration."

NR