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Coaster fails but Benteng boosts Premier
Posted 25.06.2012 08:44:42 av John Bradbury
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Premier Oil's North Sea drilling programme this year has come unstuck with a dry hole at its high- risk Coaster prospect.

After drilling the block 28/10 well in the Central North Sea Catcher field area, to a total depth of 1,732 metres (5,684 feet), Premier said the well, in which it held 50% equity, encountered 5.18 m (17 ft) of Tertiary sandstones, but these were found to be water-wet on drilling logs. 

Drilling was carried out by the Sedco 711 semi-submersible, which just earlier drilled the Stingray prospect in the North Sea for Premier, which was also a dry hole.

In the North Sea Premier is next due to drill the Spaniards East prospect, in block 15/25a, which is expected to be spudded until September.

Elsewhere, the UK-based explorer has reported better results from on its Indonesian Benteng 1 well, in the Buton block where Premier holds 30%. Benteng 1 encountered good oil shows across a 33.84 m (111 ft) interval from a depth of 724 m (2,375 ft) and initial log analysis has indicated 4.57 m (15 ft) oil bearing Tertiary limestone reservoir.

Today in the same announcement which disclosed the Coaster well results, Premier said  Benteng-1 is the first find in the frontier Buton Basin. “The well was drilled to test two play types, a shallow anticline and a deeper fault dependent trap,” the company stated. “The hydrocarbons were discovered in the shallow play type.”

Drilling results at Benteng 1 will be added to existing block data to further evaluate the commercial  viability of the discovery and the potential to follow on on this shallow play type across the Buton licence area.

“The Coaster and Benteng wells were both assessed as very high risk pre-drill. Coaster was an important well to drill, given its proximity to the Catcher licence; but in recognition of the risks we took the precaution of farming-out 50% of our equity on a promoted basis,” pointed out Premier chief executive Simon Lockett. “The Benteng-1 results are encouraging as they have established a working petroleum system in a previously unproven basin,” Lockett added.

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