Premier Oil opened up a new oil zone off the Falkland Islands, striking oil at the Isobel Deep well.
The well is about 30 km (19 miles) from its Sea Lion discovery, the company said Thursday in a statement.
The quality of the crude at Isobel Deep, Premier’s second exploration well this year off the Falklands, is similar to that at Sea Lion. The discovery is a boon to the London-based company, which last year cut the size of the Sea Lion project to reduce costs after crude prices slumped.
Isobel Deep had only a 20% chance of striking oil, William Hares, an analyst for Bloomberg Intelligence in London, wrote in a note. The southern section of the drilling area was previously untested, he said.
Isobel Deep is 36%-owned by Premier, 40% by Falkland Oil & Gas Ltd. and 24% by Rockhopper.
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