Premier Oil celebrated a new UK offshore discovery Wednesday at its Isobel Deep exploration well 14/20-1 in the North Falkland Basin.
The well was drilled 18 miles south of the Sea Lion field to a depth of of 8,289 feet, reaching the top reservoir on prognosis.
Isobel encountered oil bearing F3 sands at the bottom 75 feet of the well.
UK-based Premier said the sands were encountered at a higher than expected reservoir pressure and that this resulted in an influx into the well.
As part of the operations to remove the influx, oil was recovered from the well that “appears similar in nature to Sea Lion crude,” the company said.
As a result of the new geological information, Premier has decided to suspend operations on the well and release the Eirik Raude rig to drill in the South Falkland Basin.
The rig is expected to return to continue operations in the North Falklands Basin in August.
Premier is now considering the optimal appraisal programme for the Elaine/Isobel complex in PL004.
“This is an important play opening discovery in the previously unexplored southern area of Licence PL004. The well has successfully demonstrated a trapping mechanism and the presence of moveable oil in the Elaine/Isobel fan complex,” Premier exploration director Andrew Lodge said.
Premier Oil holds a 36 percent interest in Isobel Deep.
UK-based Falklands Oil and Gas Limited holds a 40 percent stake in the well and UK-based Rockhopper Exploration holds a 24 percent interest.