Premier Oil Gulf of Suez license award on hold pending elections

Premier Oil is still awaiting ratification from the Egyptian authorities for the award of the South Darag block in the northern Gulf of Suez.

Offshore staff

LONDON – Premier Oil is still awaiting ratification from the Egyptian authorities for the award of the South Darag block in the northern Gulf of Suez. The award process is delayed until after Egypt’s parliamentary elections, scheduled for later this year.

In Egypt’s North Red Sea block 1 (Premier 20%), the NRS-2 (Cherry) exploration well was drilled earlier this year by operator Hess to a TD of 5,200 m (17,060 ft).

The well encountered hydrocarbon shows but did not intersect reservoir-quality sandstones. Results are now being integrated with geologic and seismic data to assess the block’s prospectivity.

Premier continues to look for further acquisition and new venture opportunities in Egypt.

08/25/2011

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