Hot off the press as it were tonight has come news from Premier...

Hot off the press as it were tonight has come news from Premier on the results from CRD-2X as follows:

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27 April - Exploration and appraisal update
27 April - Exploration and appraisal update
C? Rống ?o (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 C? Rống ?o 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.

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Now that certainly sounds very, very encouraging. I mean 72 metres of gas and condensate at the bottom of CRD-2X must be extra good.
And the confirmation of an apparently good accumulation of oil from CRD_1X and through to CRD-2X of 34 metres through to 18 metres sounds not too bad.

So now the data will be poked and prodded to see if it is a goer. How long will we need to wait on that decision or further comment on the projected size of the resource here.