Exploration success on the Falkland Islands

Jun 03, 2014 12:00 AM

Premier has announced the Singa Laut-1 well on the Tuna PSC (65% Premier) has encountered 177 ft net gas pay within the targeted Oligocene sequence.

Similar to the adjacent Kuda Laut oil and gas discovery announced in April, the gas samples recovered indicate it is liquids rich.

Management believe they have discovered around 100 million boe (around 25% oil/condensate; 30% LPG and the remainder gas).

The Singa Laut-1 well will be plugged and abandoned with appraisal drilling planned in 2015 to fully assess the combined oil and gas resources ahead of assessing commercialisation options.

Lama Play

The Lama play on the Natuna Sea Block A (28.7% Premier) has 1.5 trillion ft3 gross prospective resources beneath the existing producing gas fields. This potential was underlined by the Anoa Deep discovery that tested 17 million ft3 in 2012.

However, the latest well, Ratu Gajah-1, penetrated the Lama section with gas shows but sandstone thickness and reservoir quality was found to be low. A DST is being performed to demonstrate moveable hydrocarbons with results used to update the basin model, calibrate seismic in order to target sweet spots within the play.

The next well targeting the play will be the appraisal of the Anoa Deep discovery in early 2015 with high grading of other prospects.

Falklands exploration to start Q2, 2015

Premier has announced that it has signed a contract for a semi-sub, harsh environment rig alongside a rig sharing agreement (with US E&P, Noble Energy) for the Falklands Islands exploration/appraisal campaign to commence Q2, 2015.

Premier's initial drilling plans include at least four wells (US$ 45m/well) in the North Falkland Basin (part of a firm 240 day, six well contract across the Falklands).

Premier will drill the first two wells on the Zebedee (50 million boe) and Isobel Deep (~50 million boe) prospects. The rig passes to Noble for two wells in the South Falklands Basin before returning to Premier to drill the Jayne East prospect (37 million boe) and an appraisal well to confirm the gas cap at Sea Lion and test the deeper Chatham prospect.

Importantly the rig contract has flexibility including eight option slots prior to mobilisation and a further eight slots once drilling starts. This provides capacity to drill appraisal wells on success and could incentivise/encourage other Falklands players to drill (helping spread mobilisation costs).

The drilling will not impact the 293 million bbl Sea Lion Phase-I but will help define further phases of development.

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