Scotland’s Premier Oil ends exploration at Guinea Bissau oil well

3 April 2007

Edinburgh, Scotland, 3 April – Scottish oil company Premier Oil has ended its exploration of the “Espinafre 1” oil well in Guinea Bissau and plans to move its equipment to another location, “Eirozes 1,” which it will begin exploring soon, the company said.

Speaking to Scottich newspaper the Evening News, the company’s chief executive. Simon Lockett said he had been “disappointed with ‘Espinafre 1’ not reaching its expected targets.”

The well, which was considered to have “great potential” by the Scottish company, will now be sealed.

In a statement issued at the end of last week, Premier said that the well “had salt deposits closer to the surface than expected and repeated attempts to shift [drilling] were unsuccessful due to problems of stability.”

The platform used for exploration will now be relocated to another Guinea-Bissau well, “Eirozes-1”

After acquiring seismic information about Guinea Bissau’s offshore area last year, the oil company re-started exploration in the area where it is the concession-holder of the Esperança and Sinapa fields, in the Casamaça-Bissau sub-basin.

These fields have a total area of over 5,800 square kilometers, with depths of between 10 and 2,000 meters.

Premier, which has its main operations in Indonesia and Vietnam, is also the concession-holder of blocs 7B and 7C. (macauhub)