Premier Oil Strikes Oil In The Falklands Isobel Deep

Published at 10:20AM - 29/05/15

Premier Oil, the British exploration and production company, has announced that it has made an oil discovery at its Isobel Deep well in the North Falkland Basin.

The 8,289 feet well found oil-bearing sands in its bottom 75 feet, according to the company, at a higher reservoir pressure than had been expected, which led to an influx of crude oil into the well. The company states that this oil is of similar quality to that found at its Sea Lion discovery, 30 km north of Isobel Deep.

The discovery is being touted as a ‘play opener’ in the North Falkland Basin. Discussing the find, FirstEnergy Global Research said, ‘While the well itself was targeting only 56 MMbbl P50 prospective resources, it is part of the much larger Elaine/Isobel complex of 240 MMbbl prospective resources that is now partially derisked.’

Isobel Deep is one of a five to six-well drilling programme Premier and partner Noble Energy are undertaking in the Falklands. Located in licence PL004a, it is Premier’s second success, after it hit oil at its Zebedee prospect.

Isobel Deep has not been yet been drilled to its total planned depth, However, the discovery has prompted the company to suspend operations while it appraises the well and decides on a course of action.

The Eirik Raude semisubmersible rig, which drilled the well will now be moved to the South Falkland Basin. In a statement Premier said the rig will return to Isobel Deep to either redrill near the current location, or drill a side-track from the existing well.