22/11/2000
Premier has found oil at its 40%-owned Pangkah Block in East Java, Indonesia. The Sidayu-1 well flowed 1450 barrels of oil per day during testing. It is the third exploration well drilled by Premier in the Pangkah PSC and the second discovery. Following completion of work on Sidayu-1, the lucky rig will be moved south to the Ujung Pangkah-2 location to drill a planned multi-sidetrack well aimed at appraising the Ujung Pangkah-1 discovery. Options are being examined for drilling an appraisal well, Sidayu-2, in 2001.
| Market cap: | £239.8m |
| PE Average: | n/a |
| PE Forecast: | 28.9 |
| PE Historic: | n/a |
| Share price: | 15.5p |
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