The company will now plug and abandon the hole, which is in the Palaeocene age Forties Sandstone – an oil and gas producing reservoir in the Central North Sea.
The detailed analysis of the well results will be used to evaluate the remaining potential of Block 22/19c, which also contains a second Forties Sandstone prospect known as Bowers.
As per the terms of a farm-in agreement, Premier Oil is paying 100% of the Oates drilling costs in order to earn a 50% interest in the Block 22/19c license and has assumed the operatorship of the block.
Later this month, Serica expects to mobilize the Trident IX jack-up drilling rig for the Dambus and Marindan wells in the Kutai PSC offshore Indonesia.
Dambus is expected to commence drilling in early September and will be followed immediately by the Marindan well.
