Premier agrees farm-in with Serica

5th Jan 2010 07:12

Premier Oil has agreed with Serica Energy that it will farm-in to a 50% equity interest and assume operatorship of Block 22/19c in the UK Central North Sea.Block 22/19c contains the Oates and Bowers Palaeocene prospects. The Oates prospect is an amplitude supported stratigraphic trap, targeting the Forties sandstone reservoir. Subject to rig confirmation and site survey, an exploration well on the Oates prospect, to be funded by Premier, will be drilled late in the second or early in the third quarter of 2010.'Following on from the Oilexco acquisition Premier is building a new core area in this part of the UK Central North Sea, via the Huntington development project and our involvement in the Moth discovery,' said chief executive Simon Lockett.'The Oates prospect is an excellent near term opportunity to add reserves via organic growth in this new core area, lying as it does 10 km to the south of Huntington and 25 km northwest of Moth.'