Premier seeks extension to آ‘Phase-Iآ’ for CR-ON-90/1

Vol 8, PW 1 (07 Apr 04) News in Brief
     

Premier Oil has sought a three-month extension for Phase-I of its exploration programme at the CR-ON-90/1 exploration block in northeast India.

In March, Premier wrote to the Directorate General Hydrocarbons stating that the company is shooting a 2D seismic survey and needs an additional three months after the expiry of the June 2004 deadline. Premier hopes to complete 2D seismic and data processing by the end of this month.

Premiers 11-month work programme submitted for CR-ON-90/1 (Cachar block) reveals that Phase-I ends by mid-June 2004. A Premier source tells PETROWATCH: We are discussing internally whether we would like to enter Phase II of exploration or abandon activities.

Premier is also expected to conclude the sale of 35% of its 84% stake in CR-ON-90/1 to Indian Oil. On 31st January, IOCs board approved a proposal to buy a stake in CR-ON-90/1, which is estimated to hold 175m barrels of oil and five trillion cubic feet of gas.