Premier two weeks away from TD in Assam

Vol 9, PW 8 (28 Jul 05) News in Brief
     

Premier Oil of the UK hopes to reach target depth at its first exploration well in Assam block AAP-ON-94/1 in another two weeks.

We understand that Premiers well reached a depth of 4300 metres on 20th July. Some hydrocarbon shows were encountered, a source reveals.

Premier has set a revised, increased target depth of 4538 metres for the well, which is expected to drill through the Tipams and reach the Barail formation. Drilling was scheduled to begin on 14th February but only began in late April.

Premier has hired Oil Indias rig S-7 to drill this well, which was originally assigned a target depth of 4200 metres. The depth was increased because the formation seems to be deeper than originally thought.

Premier is operator at this 652-sq km block and has a 38% stake. Indian Oil holds 27%, Hindustan Oil Exploration holds 25% and Oil India holds 10%.

This is Premiers first exploration well in India.