Premier Oil continues with oil exploration in Guinea Bissau despite dry test wells

31 August 2007

Lisbon, Portugal, 31 Aug – The consortium led by British oil company Premier Oil plans to continue with exploration work in Guinea Bissau, despite its first two test wells being “dry,” Stephen Want said in Lisbon Thursday.

Want, company director for Guinea Bissau, said that work on the second well, “Eirozes 1,” which began in April, was not fruitful, as no oil of commercial value was found.

Want is in Lisbon with other consortium directors – which also include Sterling and Occidental – and state oil company, Petroguin, to assess the most recent information collected in the field.

“We still believe in the possibility of Guinea Bissau,” Want said, on the sidelines of the meeting, which was initially attended by Guinea Bissau’s oil minister, Soares Sambú.

In April, Premier Oil abandoned and sealed off the first well drilled in Guinea Bissau, “Espinafre 1,” and moved the platform to a new location.

After acquiring seismic information about the offshore area of Guinea Bissau, the oil company re-launched exploration work in the country, where it is the concession-holder of the Esperança and Sinapa oil fields, in the Casamança-Bissau sub-basin.

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