Premier reports Solan on track for first oil toward year-end

Offshore staff

LONDONPremier Oil expects sail away and installation of the structures for its Solan project west of Shetland during the first half of the year. These include the subsea storage tank, topsides, and jackets. First oil is expected in 4Q 2014.

In the UK central North Sea, negotiations with all main service contractors and suppliers for the Catcher development are close to completion. Depending on the delivery date for the FPSO, Premier expects start-up in mid-2017.

The project is expected to be sanctioned soon, subject to partner approvals and discussions with the UK government on its proposed tax changes for bareboat charters.

In the Norwegian North Sea, Premier has succeeded BG as operator of the Bream area and the company expects the partners to take a concept select decision in the current quarter, followed by an investment decision later this year.

Offshore southern Vietnam, subsea equipment is installed on Premier’s Dua development. The drilling rig should arrive on location soon allowing first oil to flow in 3Q.

Off Indonesia, the company’s Pelikan and Naga platforms are in place and development drilling should start in 2Q 2014, with first gas in the second half of the year.

As for exploration, the company will drill its first exploration well this fall on the Mandal High in the Norwegian North Sea. The Lundin-operated Luno II appraisal well, testing the central south part of the discovery, is scheduled for 2Q 2014.

Following its Anoa Deep success in 2012, Premier will further explore the Lama play in Natuna Sea block A offshore Indonesia. The first well, in the current quarter, will test the potential 700-bcf Ratu Gajah prospect, while Anoa Deep will be appraised in 4Q 2014.

Off Vietnam, the company plans to acquire 2D seismic data over the deeper water part of block 121 during before mid-year. The data will be used to further assess the prospectivity of this frontier area, which has only limited seismic coverage.

Finally, Premier will acquire 3D seismic across the three offshore blocks it secured in Brazil’s 2013 license round and plans to drill a first well in 2016.

01/17/2014

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