some important news from premier

While hardly likely to produce much result on the PPP share price presently the latest news from Premier may have some benefit in 2012.

Premioer has announced the result from its present drilling of Belut Laut -1 in the Tuna block with some interesting observations.
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Belut Laut-1 (Tuna Block, Indonesia, Premier 65% equity)

The Belut Laut-1 exploration well has reached the planned total depth of 4,948 metres. Oil shows with high gas readings were reported from a depth of 4,740 metres throughout a gross 155 metre Oligocene sandstone interval. However, logs indicated that the sandstones at this depth were of poor porosity. The well will therefore be plugged and abandoned with oil and gas shows.

Belut Laut, along with Gajah Laut Utara-1 and the successful appraisal of the Ca Rong Do discovery (CRD-2x) in Vietnam earlier this year, has confirmed the potential for hydrocarbons within the Oligocene section in the Nam Con Son basin. The ongoing sub-surface interpretation will now be focussed to prospects at shallower depths where good reservoir properties are preserved up dip from proven source rocks. At least five such prospects have been identified in the Tuna acreage and also in the neighbouring Block 07/03 in Vietnam. Premier plans to drill the first of these in the second half of 2012.

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Additional comment from CEO Simon Lockett :
"We have learnt from the wells drilled on the Tuna acreage and will now target lookalike prospects in the Nam Con Son basin where the Oligocene reservoirs are at shallower depths and are therefore of better quality."
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So there are certainly strong indications that Block 07/03 is very attractive and some prospects there are earmarked for drilling at some stage. But second half of 2012 before drilling !!!!