Premier Oil (LON:PMO), the FTSE 250 exploration and production group, said this morning that the Catcher South West Appraisal sidetrack well in the UK Central North Sea, had successfully encountered excellent quality oil bearing Cromarty sandstones. The sidetrack well (28/9-1Y) was drilled to the south west of the earlier Catcher discovery well, which was reported in June, to assess any additional reservoir sands not encountered in the original Catcher well. As a result of the latest analysis, Premier has increased the Catcher/ Catcher East reserves estimate to a range of 60m – 100m barrels from previous estimates of 50m – 80m barrels.

The latest well was drilled by operator Encore Oil (LON:EO.) to a total depth of 6,255 ft measured depth and initial analysis indicates 68ft of net hydrocarbon pay over a gross vertical reservoir interval of 261 ft. A vertical hydrocarbon column of 173 ft was encountered with an oil water contact coincident with that seen in the Catcher discovery well.

The 28/9-1Y appraisal well completes this phase of the Catcher area drilling. However, Premier and its co-venturers have decided to acquire additional site surveys over potential drilling locations in block 28/9 and further exploration wells are planned for later this year or early 2011, subject to rig availability. Premier has 35% equity in the 28/9 licence, which includes Encore, Wintershall, Nautical Petroleum (LON:NPE) and Agora Oil & Gas.

Simon Lockett, Premier’s chief executive, said: “We are delighted with the results of the latest Catcher well; this well was deliberately sited to target potential oil bearing sands within the Catcher structure but outside the area of strong amplitude support on the 3D seismic data. As a result, Premier has up graded the Catcher/ Catcher East reserves estimate to a range of 60 mmbls to 100 mmbbls. We will move forward rapidly with plans to assess the remaining exploration potential in the 28/9 licence and to determine the future development options for the Catcher discovery. The latest appraisal well confirms Catcher as an important addition to our growing portfolio in the Central North Sea.”

Alan Booth, EnCore's chief executive, added: “This is another great result. This side-track, downdip from the original Catcher discovery well, has successfully appraised the south western part of the Catcher structure and has reconfirmed our seismic interpretation and provided greater confidence in our…

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