Premier Oil to focus on UK North Sea

Oil and gas firm Premier Oil said it had abandoned a well off the coast of Norway and would now move its focus onto UK waters.

The firm said its 'Gardrofa' exploration well was drilled to a depth of 2,205 metres but had been plugged and abandoned as a dry hole.

Premier's focus on UK North Sea sites include its Erne exploration well, where it said results were expected imminently, as well as its East Fyne appraisal well and Bluebell prospect.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues 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

Sign up

It expects to drill six exploration wells in the North Sea in the next six months.

The company added that it had undertaken successful tests at the Chim So development well in Vietnam.

"The well encountered 37 metres of gross Oligocene (Cau formation) sands with an estimated 17 metres of net hydrocarbon bearing pay," the firm said.