Premier makes oil discovery at Isobel Deep exploration well in North Falkland Basin

Premier has made an oil discovery at the Isobel Deep exploration well 14/20-1 in the North Falkland Basin, approximately 30 km south of the Sea Lion field. The Isobel Deep exploration well was drilled to a depth of 8,289 ft, reaching top reservoir on prognosis. The bottom 75 ft of the well consists of oil-bearing F3 sands. These sands were at a higher-than-expected reservoir pressure, and this resulted in an influx into the well. As part of the operations to remove the influx, oil was recovered from the well and appears similar in nature to Sea Lion crude.

As a result of the new geological information, it has been decided to suspend operations on the well and release the rig to drill in the South Falkland Basin. The rig is expected to return to continue operations in the North Falklands Basin in August.

“This is an important play opening discovery in the previously unexplored southern area of License PL004,” Andrew Lodge, Exploration Director, said. “The well has successfully demonstrated a trapping mechanism and the presence of moveable oil in the Elaine/Isobel fan complex.”

Premier is now considering the optimal appraisal program for the Elaine/Isobel complex in PL004.