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Premier Oil PLC

Premier Oil achieves ‘first gas’ at BIG-P project offshore Indonesia

“This is further evidence of Premier's ability to execute full cycle projects from exploration through to production,” said Tony Durrant.

Premier Oil PLC - Premier Oil achieves ‘first gas’ at BIG-P project offshore Indonesia

Premier Oil PLC (LON:PMO) shares gained just over 1% in Monday’s early deals after confirming ‘first gas’ from the BIG-P project, in the Natuna Sea Block A area offshore Indonesia.

The company, in a statement, told investors that the two-year project had been delivered on schedule and significantly below budget.

“This is further evidence of Premier's ability to execute full cycle projects from exploration through to production,” said Tony Durrant, Premier Oil chief executive.

READ: Hurricane Energy confirms oil discovery in Warwick West well

“BIG-P increases the deliverability from our operated Natuna Sea Block A enabling us to meet a growing market share within our existing gas contracts.”

The BIG-P project comprises the Bison, Iguana and Gajah Puteri fields and it had some 93bn cubic feet of total gross recoverable reserves at project sanction.

Quick facts: Premier Oil PLC

Price: 94.44 GBX

Market: LSE
Market Cap: £785.28 m
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