PMO oil well, Norway, draws blank

IRJ Mar 5 - It hasn’t been the easiest of days for Premier Oil (PMO), a global oil player headquartered in the United Kingdom. The company announced, Friday, that its 16/4-5 well at the Greater Luno Area Extension prospect, Norway, in which PMO has 30 per cent interest in the PL359 exploration license where the well is located, has drawn a barren result in recent drilling for hydrocarbon potential. Its operation partner, Lundin Petroleum, drilled down 1,994 metres to no avail, resulting in the partner decision to abandon exploration activity at the well. PMO states that despite this setback, the company remains upbeat about its other projects; the Blabaer well in Norway and the Bugle Appraisal in the United Kingdom.

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