Premier considers farm-out for Sea Lion project offshore Falklands

Premier Oil has issued an update of its proposed development of the Sea Lion field in the offshore north Fakland basin.

Feb 28th, 2014

Offshore staff

LONDON– Premier Oil has issued an update of its proposed development of the Sea Lion field in the offshore north Fakland basin.

Earlier this year, the company and partner Rockhopper opted for a TLP with integral drilling rig as the preferred development concept. They aim to submit a draft development plan by the end of this year and secure project sanction in 2Q 2015.

Studies to date have included work on metocean conditions, topsides layout, flow assurance, subsea equipment layout and installation, reservoir studies, and drilling trajectories.

The plan is for a phased program with an initial northern development recovering 293 MMbbl fromSea Lion through 32 wells. A southern area development will follow, tied back to the host facilities to recover remaining reserves. This phase will be optimized to incorporate any additional exploration or appraisal success.

Work is under way to refine design specifications for the TLP and to prepare documentation for front-end engineering design, due to start in 2Q.

Premier is looking to scale back some of its 60% equity in the development through bringing in another partner.

The next planned phase of exploration drilling on the company’s offshore Falklands blocks will include at least four wells with multiple stacked targets, with one well designed to confirm the presence of a gas cap in the west of Sea Lion. Premier is working to participate in a multi-operator drilling campaign in the region starting in 2015.

02/28/2014

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