Premier Oil PLC (PMO.LN) said Monday the CRD-2X appraisal well in block 07/03 Vietnam has been drilled to a total depth of 3785 meters MDRT, appraising the Miocene sands discovered in 2009 with the CRD-1X well.

MAIN FACTS:

-Well was deepened from the preliminary depth of 3109 meters MDRT to evaluate the Oligocene which was not tested by the CRD-1X well.

-Two drill stem tests of the hydrocarbon bearing sands in the Oligocene section have been conducted.

-First zone tested flowed gas and condensate at rates of 9.7 mmscfd and 870 bopd respectively through a 40/64 inch choke.

-Second zone tested flowed gas and condensate at rates of 17 mmscfd and 1730 bopd respectively through a 56/64 inch choke.

-Well will now be sidetracked to further evaluate the distribution of hydrocarbons in the Miocene sands.

-Shares closed Friday at 2060 pence valuing the company at GBP2.4 billion.

-By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; ian.walker@dowjones.com
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