Premier to Abandon Frida Marine -1 As a Dry Hole

The Frida Marine -1 well in the Congo Marine IX permit has reached a target depth of 3250m. Logging has indicated that the well did not encounter hydrocarbons and it is being plugged and abandoned as a dry hole. Well result analysis is ongoing to determine implications of this result on the follow-up prospect, Ida. The rig is expected to be off contract on the 29th August.

Simon Lockett, Chief Executive Officer, commented:
“We are disappointed that the Frida well encountered no hydrocarbons, however the news from Bream is extremely encouraging for future development in Norway. Additional potential exists on adjoining acreage operated by Premier including the discovery on 18/10 and the Gardrofa prospect. These could add the volumes required for a potential Bream Area development.”