Premier Oil says it is encouraged by a successful well test at its Natuna Sea Block A in the South China Sea.
The WL-5 development well was deepened to a total depth of 11,012 feet to investigate the exploration potential of the so called Lama Formation, which ended up flowing gas at the rate of 17m standard cubic feet per day.
Premier's Chief Executive, Simon Lockett, says the test has "opened up deeper potential on this prolific gas block".
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Shares in Premier were up 0.2% by 8:12am. Over the last 12 months the stock price has fallen 79%.
BS
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
