Premier Oil Falls to Seven-Month Low on Indonesian Well Failure
Premier Oil slid as much as 4.4 percent to 431.8 pence, the lowest since November, before trading at 437.9 pence as of 9:30 a.m. local time.
Although oil and gas shows were found at the Gajah Laut Utara-1 well on the Tuna block, the results indicated the “majority of these Oligocene sandstones are tight,” the company said today in a statement.
The Ocean General rig will now move to drill the Belut prospect, which is located about 10 kilometers (6 miles) north- west of Gajah Laut Utara.
Separately, Premier said it started to drill a sidetrack at its Grosbeak 35/12-4 S well in Norway, which is due to be completed by the end of July.
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