Premier Oil shares were up on Thursday after the company updates the market on the successful completion of part of its Zama well appraisal program in the Gulf of Mexico. According to the update, the appraisal revealed 152 metres of net pay encountered above the oil water contact.
Premier Oil said it expected full-year production to come in at the low end of a previously announced 80,000 to 85,000 barrels per day range. The company, with interests in the Falkland Islands and which has been focusing on cutting debts, also said its debt pile would shrink to US$ 2.4 billion by the year-end.
An outline planning application submitted to the Falkland Islands Government, FIG, is seeking approval in principle for the siting of a floating accommodation barge in Stanley Harbor.
The Falkland Islands government welcomed on Thursday the announcement by Premier Oil and partners that the 14/15b=5 “Zebedee” well has been declared an oil and gas discovery following the completion of its evaluation program, Zebedee is the first of six wells from the current drilling campaign planned to take place in Falklands waters during 2015.
The Falkland Islands government is reviewing a tax return submitted by one of the oil companies currently operating off-shore the Islands and is confident a mutually acceptable outcome can be reached.