Project Profile
Value: Undisclosed
Location: Gulf of Suez, Egypt
Reserves: 50 to 150 mmbbls of oil
Start-up Year: -
South Darag Block (100% operated interest)
A 100% interest in the South Darag Block in the Gulf of Suez was awarded to Premier in March 2010 for a three year initial term. The award is awaiting formal government approval. Exploration drilling is planned for 2013, and three leads have been identified with an estimated 30-100 mmbbls of oil potential. The Block has an estimated resource potential of 50 to 150 mmbbls of oil.
North Red Sea Block 1
Premier farmed into the North Red Sea Block 1 with Hess in December 2010. Specifically, Premier contributed to the cost of the NRS-2 (Cherry) exploration well in return for a 20 % interest. The exploration well, which was the first test of a significant deep water play in the northern Red Sea, was drilled in early 2011 and encountered hydrocarbon shows but did not intersect reservoir quality sandstones. Results of the well are now being integrated with geologic, seismic and engineering data to determine if alternate opportunities exist elsewhere on the block.
Operators:
South Darag Block
Premier Oil: Operator with 100% interest
North Red Sea Block 1
Hess: Operator with 80% interest
Premier Oil: 20% interest