Cherry drilling ahead, despite tensions

Premier Oil says the Cherry exploration well on the North Red Sea block 1 concession offshore Egypt has reached a subsurface depth of 2,198 m (7,211 ft), on its way to an anticipated TD of 5,151 m (16,900 ft).

Offshore staff

LONDON -- Premier Oil says the Cherry exploration well on the North Red Sea block 1 concession offshore Egypt has reached a subsurface depth of 2,198 m (7,211 ft), on its way to an anticipated TD of 5,151 m (16,900 ft).

The well is targeting the Cretaceous (Numbian) play, with a pre-drill range for Cherry of 50-120-300 MMboe. Premier adds that the partners are monitoring Egypt’s political situation.

Elsewhere, Premier expects the Ocean General rig to arrive on location off southern Vietnam within the next fortnight to drill the Cá Rong Ðo (CRD) well, subject to release from its present operation.

The aim of this well is to define the resource associated with discovery in 2009, currently estimated at 60 MMboe. Thereafter, the rig will transfer to the Indonesian sector to drill two wells on the Tuna block Indonesia.

In the North Sea, Premier has been awarded two further exploration licenses under Norway’s APA 2010 bidding round.

Premier has a 60% operating interest in license PL5767 covering block 2/6 in the eastern margin of the Mandal High and the northern part of the Søgne basin. The work commitment involves reprocessing existing seismic data.

The company also gained 20% of PL378 B covering part-block 35/12. This is an extension to PL378, and is in the western part of the 35/12 block, south of the recent Grosbeak discovery. Wintershall Norge is the operator.

02/01/2011

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