ABERDEEN, UK – Premier Oil is terminating the Coaster exploration well in the UK central North Sea block 28/10 as a dry hole.
The well encountered 17 ft (5 m) of Tertiary sandstones, but logs revealed the strata to be water wet.
CEO Simon Lockett said the well had been assessed as high risk pre-drill. “Coaster was an important well to drill, given its proximity to the Catcher license; but in recognition of the risks we took the precaution of farming-out 50% of our equity on a promoted basis,” he said.
Next on the company’s line-up for the UK sector is the Spaniards East well in block 15/25a, due to spud in September.