Oil and gas firm Premier Oil is to plug and abandon the Biawak Besar-1x exploration well in Indonesia.
The group said the drilling logs showed better than expected sand quality, but the sands were water wet.
The results of the well will be incorporated into the existing 3D seismic database, the group said.
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
Premier has a 28.67% stake in the Natuna Sea Block A in which the abandoned well is located.
Elsewhere in Indonesia Benteng-1, a frontier exploration well on the Buton Block is currently drilling and the results are expected in June. Premier has a 30% stake in this well.
JH
-
US stock trading app Robinhood launching in the UKThe low-cost trading platform has opened another waiting list for British investors - following two failed attempts to launch in this country - and is hoping to be fully operational next year.
-
New property listings rules: What should an estate agent be telling you?
News New guidance tells estate agents what must be included in property listings - here is how it affects buyers and sellers
