Premier Oil plugs and abandons Norwegian North Sea well

Premier Oil has plugged and abandoned an exploration well in the Norwegian sector of the North Sea.

The exploration and production company said the 3/7-10 S exploration well encountered around 110 metres of good reservoir quality Middle Jurassic sands but these were “water wet”, meaning the sands contained water rather than oil.

The well was drilled to a depth of 3,464 metres, targeting the Myrhauk prospect on the South east flank of the Mandal High in PL 539 and Premier oil had a 40% stake in the project.

At 1048 BST, Premier shares were up 1.5% at 100.60p.