You had it covered all the way Machine - nice to get some positive news at last from the resource stocks.
What do you make of the flow rates announced and timing for the next news?
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You had it covered all the way Machine - nice to get some positive news at last from the resource stocks.
What do you make of the flow rates announced and timing for the next news?
Paint it Black - the ppp announcement is mostly about lower sands where its mostly gas - hence sp did not do a lot today.
Premier's announcement on the other hand says the Miocene sands have now been proven - now why was that not said before and we had to make our own judgement.
Miocene sands is where the good oil numbers came from and it will probaly take them 3 weeks before they can run any test with the sidetrack
back to the lower sands and Premniers comments about upside - is this in addition to the 10m 60m 80m barrels - hoope so
Time to buty more ppp as won't get any cheaper - I bought more today
M.
Thanks Machine. It's all patience with these guys while trying to read between the lines! Theway I read it is the total lower sand flow rate is 2600 BOPD which isn't far behind the 3265 BOPD reported in 2009 for the upper sands and there is a lot more gas. They are also 'very encouraged' which is a rare comment so I agree it should be all up from here. To me we have now come along way with both the 5% holding in the block confirmed and a very good result on the second well. I also bought today and may again tomorrow especially at NZ23c/24c or A16.5c . Tui must also be ticking along nicely for PPP with the Tapis price rising steadily.
see some action in the carnavon permits with TAP selling out - this could see some more exploration in the permits [we hope]
http://www.asx.com.au/asx/statistics...idsId=01170000
M
well it looks like were onto a winner with the vietnam appraisal.
expect ppp will make an announcement before asx opens.
I was very tempted to buy another 100,000 ppp this morning at 16.5c au, but am kicking myself that didn't.
27 April - Exploration and appraisal update
27 April - Exploration and appraisal update
Cá Rống Ðo (CRD), Vietnam (Premier 30%)
Premier is pleased to announce that it has successfully completed operations on the appraisal sidetrack CRD-2X-ST on block 07/03, offshore Vietnam. This sidetrack reached its planned total depth of 3,340 metres (m) in the Miocene section and intersected 18.3m of net oil pay. This compares with 34.4m of net oil pay intersected in the up dip CRD-1x well and 3.8m in the down dip CRD-2x well.
The sidetrack followed on from the CRD-2X well, as announced on 11 April 2011, which was drilled to a total depth of 3,785m and successfully tested gas and condensate in two reservoir zones in the Oligocene section. The total net condensate/gas pay in this well was 72m. This compares with 17m of net pay penetrated in the Oligocene section in the up dip CRD-1x well.
The CRD-2X-ST appraisal well completes this phase of drilling in Block 07/03 and the results will be incorporated into the assessment of the resource potential of the Cá Rống Ðo accumulation.
The CRD-2X well will now be plugged and abandoned before the Ocean General drilling rig moves to Indonesia to drill two exploration wells on the Tuna PSC operated by Premier. The first result from these wells is expected in May.
Cherry, Egypt (Premier 20%)
In Egypt, on the North Red Sea (NRS) block 1 licence, the NRS-2a exploration well has reached a total depth of 5200m and is being plugged and abandoned. The well encountered hydrocarbon shows whilst drilling but did not intersect reservoir quality sandstones. The results of the well will now be integrated with geologic, seismic and engineering data to determine if alternate opportunities exist elsewhere on the block.
Grosbeak, Norway (Premier 20%)
The Grosbeak appraisal well in Norwegian licence PL378 was spudded on the 24 April 2011 and is drilling ahead using the Songa Delta rig. The well will test previously discovered oil accumulations in Jurassic reservoir rocks as announced by Premier on 8 July 2009. Results from the appraisal well are expected in approximately three months.
Simon Lockett, Chief Executive Officer, commented
"The CRD-2x well and its sidetrack has provided valuable information to our overall understanding of the Cá Rống Ðo discovery. Further geoscience and engineering evaluations will now be undertaken before a decision is made on the commercial viability of Cá Rống Ðo.
The results from the well are encouraging both for further exploration in the block and also for our adjoining acreage in the Tuna PSC in Indonesia.
Whilst oil and gas shows in the Cherry well provide some encouragement, the results from the well need to be fully integrated into our analysis of the block before a decision can be made regarding Premier’s future participation in the licence."
Enquiries
Premier Oil plc 020 7730 1111
Simon Lockett
ppp leading the gainers so far today on nzx - up 2c or 9.52%
volume thin though
still a good start for the day and now wait for asx
M
It's a strange market out there Machine - no one seems to recognise good news. Anyway I'll just keep buying a few to top up.
certainly is - finished flat in nz and down half a cent on asx - trading below cash backing.
quarterly tomorrow might help sp
M
Saw this a few weeks ago but took ages to find it again - page 14 of the 2011 Premier Oil financial presentation issued in March gives a very nice map of the Ca Rong Do drill and prospect. The 3D shot last year over central area is IMO the area where the 2 commitment wells for 2012 will be drilled.
Can't paste the picture here but you can easily find it on the Premier Oil website under Investor relations heading "Financial Presentations"
IMO the field will be confirmed commercial and the only thing that was holding it back was the lack of gas with is now confirmed with the CRD-2X well - this to enable exploiting the condensate.
Oil will be via FSPO and gas will be tied back to the adjoing development by Premier - 150km gas pipeline will be expensive though, but a lot cheaper than all the way to Vietnam some 450km distance.
In Vietnam they use the gas for power generation.
M
whats going on with PPP - today suddenly 6 trades for 323,000 shares, yet in last month the total is 16 trades for 650,000 shares - half of last months volume is early today
M