Partners progress Red Sea deepwater well

Offshore staff

LONDON -- Premier Oil says award of the South Darag block in the Gulf of Suez (in which it was assigned a 100% interest) is still pending formal approvals from Egypt’s government.

In the North Red Sea block 1 (Premier 20%) drilling started last December on the NRS-2 (Cherry) prospect in 700 m (2,296 ft) water depth. The well, operated by Hess, represents the first test of a significant deep water play in the northern Red Sea. Results should be issued during 2Q 2011.

Elsewhere in Egypt, Premier says it continues to review new venture opportunities, consistent with its exploration rift basin theme.

03/24/2011



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