Premier Oil says Philippines well abandoned

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Date: Tuesday 08 Jul 2008

LONDON (ShareCast) - Oil explorer Premier Oil said Monte Cristo-1 well in SC43 licence in the Philippines has been plugged and abounded after no hydrocarbons were found.

"The reef was found to have good reservoir properties but no hydrocarbons were found," it said.

The group said the reservoir quality at the Chim Ung-1 well in Vietnam is slightly better than expected. The well was sidetracked to drill the adjacent Chim Boi fault block and encountered oil shoes.

"Whilst Chim Ung and Chim Boi may not be commercial on their own, they confirm the oil charge potential across the southern part of Block 12W which is very encouraging for our exploration programmes here and in our contiguous Block 7/03 acreage," said chief executive Simon Lockett.

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