Premier Oil Secures First Gas From Indonesian Project

(Alliance News) - Premier Oil PLC on Monday said it has achieved first gas from Bison, Iguana and ...

Alliance News 2 December, 2019 | 9:20AM
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(Alliance News) - Premier Oil PLC on Monday said it has achieved first gas from Bison, Iguana and Gajah Puteri project in the Natuna Sea Block A located offshore Indonesia.

The FTSE 250-listed oil explorer expects recoverable reserves from the project to be in excess of 93 billion cubic feet following a three-well drilling campaign which encountered additional productive sands.

"The two-year project was delivered on schedule and significantly below budget," Premier Oil said, adding that the project will be tied into the existing Natuna Sea Block A infrastructure.

Tony Durrant, Premier Oil's chief executive, said: "This is further evidence of Premier's ability to execute full cycle projects from exploration through to production. BIG-P increases the deliverability from our operated Natuna Sea Block A enabling us to meet a growing market share within our existing gas contracts."

Premier Oil share were up 1.2% at 87.88 pence each in London on Monday morning.

By Tapan Panchal; tapanpanchal@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Premier Oil PLC 95.04 GBX 7.10 -

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