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.

Try 6 free issues of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

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.