Premier takes control of Congo block

Premier Oil acquiring strong acreage position offshore Congo and SADR, north of Mauritania field development

Offshore staff

UK-based independent Premier Oil is set to acquire a 58.5% operating interest in the Marine IX block offshore the Republic of Congo. The acreage includes a large prospect, Frida, which will likely be drilled next year.

Premier is also in talks with the Saharawi Arab Democratic republic (SADR) regarding four offshore exploration block, with Premier awarded 50% of each. The blocks lie directly north of Mauritania and the Woodside-operated Chinguetti development, where Premier is a partner.

Also of Mauritania, the company says the drilling semiStena Tay is on location in PSC B to drill the Dore exploration prospect, east of the gas discovery Tiof. The well will target Oligocene submarine channel/turbidite sands, and if the outcome is successful, this could speed progress on a development of the Tiof area.

1/18/2006

More in Regional Reports