PMO.L Share News (PMO)

(Sharecast News) - Premier Oil said on Thursday that it has encountered gas at its Tolmount East well in the UK Southern North Sea.
The company said the quality and thickness of reservoir sands encountered were at the upper end of expectations and no gas water contact was penetrated.

The well data will now be integrated with the new 3D seismic dataset as part of the fast-track development planning for Tolmount East.

Chief executive officer Tony Durrant said: "We are delighted by the Tolmount East result, the development of which will add significant value to our UK portfolio.

"Elsewhere in the Greater Tolmount Area, we are making excellent progress with our sanctioned Tolmount development which remains on schedule for first gas by the end of next year and will add a net 20,000 to 25,000 barrels of oil equivalent per day to group production."