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.