Premier finds gas in Pangkah

Premier finds gas in Pangkah

LONDON (AFX): Premier Oil PLC announced the successful
completion of an appraisal drilling program on Ujung Pangkah
Field in its Pangkah Block in East Java, Indonesia.

It has confirmed reserves for the field in excess of 450
billion cubic feet of liquids-rich gas, equivalent to around 90
million barrels of oil, with the possibility of developing
additional oil from the structure.

The appraisal program has also confirmed the presence of a
significant oil accumulation underlying the gas, which will be
the subject of further study, it said.

In collaboration with its Production Sharing Contract
partners, Premier Oil said it is actively pursuing a market for
the gas and has commenced discussions for its sale.

An additional seismic program is planned for later this year
to evaluate a possible western extension to the Ujung Pangkah
field, it added.

The co-venturers in the Pangkah PSC are: Premier Oil Natuna
Sea Ltd (Operator) with 40 percent stake, Dana Petroleum PLC with
12 percent, Amerada Hess (Indonesia-Pangkah) Ltd 36 percent and
Gulf Resources (Pangkah) Ltd 12 percent.