The 23/22b-6Z exploration well, which was targeting the Lacewing prospect on the Eastern margins of the UK Central North Sea, has reached a total depth of 14,370 feet measured depth (MD).

A gas column of greater than 100 feet was encountered and the well achieved its pre-drill objectives by evaluating the Triassic interval which contained reservoir quality sands. The well is being plugged and abandoned as a hydrocarbon discovery. Post well evaluation work is progressing to ascertain whether commerciality can be established.

Premier recognised the high risk nature of the prospect and managed its capital exposure to this opportunity by farming down prior to drilling in return for a partial carry on the well.

Tags: Premier Oil