Premier Turns Focus to North Sea After Indonesia Duster

摘要

UK-listed Premier Oil looked to be shifting its exploration focus back to the North Sea on Friday after it announced its latest well on its Natuna Sea Block A license offshore Indonesia came up empty. The Biawak Besar-1x well was drilled to a total depth of 5,950 feet and despite encountering better-than- expected sand quality, the well will now be plugged and abandoned. Premier said the well results will be incorporated into an existing 3-D seismic database and used to help determine the future prospectivity of the play. Analysts at First Energy Capital, however, wrote in a note that the well is "immaterial to our valuation of the company" and that it does not affect its target price for the stock.