Premier Discovers Oil Offshore Falklands At Isobel Deep

Published at 08:36AM - 11/01/16

Premier discovers oil offshore Falklands Islands at its Isobel Deep prospect, in well 14/20-2, moving the area closer to production.

The UK based Premier Oil announced the news Monday Jan 11th, stating that the firm has “successfully confirmed the oil discovery encountered in the original Isobel Deep well.”

Premier also gave details of new discoveries found, whilst completing the well.

Premier Discovers Oil Offshore

The drilling operations took the well to a total depth of  9888 feet (3014m), encountering a number of oil bearing sandstones between depths of 8412 feet (2564m) and 9386 feet (2861m), with no oil-water contacts being made.

Premier Oil will now take time to calibrate data gained from its latest well with that form existing 3D seismic surveys, to better determine the extent of the reservoirs and, to plan further plans for the licence.

Drilling operations are currently plugging and abandoning the well, inline with company plans, before moving on to Premier’s Chatham prospect.

Commenting on the news, Premier’s Exploration Director, Robin Allan, said: “The results of this well confirm the success of the Isobel Deep 14/20-1 well announced in May last year.”

“We have encountered a substantial oil bearing interval, which confirms the potential of this part of the North Falkland basin as a standalone discovery.”

“This successful re-drill of the Isobel Deep oil sand along with the additional discovery of new oil-bearing sandstones, is extremely encouraging for the prospectivity of the area with a proven petroleum system and a number of prospects established.”

Further evaluation will now be required to calibrate the well with the existing 3D seismic in order to determine future plans and the extent of the discovered resource.

Operations have now been suspended and the well will be plugged and abandoned as planned. The rig will then move to the Chatham well location.