Premier confirms that the Charlie-1 well in Area A (Premier 60 per cent interest) on the North Slope of Alaska has proved the presence of mobile hydrocarbons in the targeted Torok Formation. The hydrocarbons sampled were gas condensate which is more challenging to commercialise than the light oil the well was targeting. As a result, the Company has made the decision to exit Area A as soon as regulatory approvals have been received.

Click here to review 88 Energy’s news release.

Malcolm Graham Wood (Malc's Blog) commentary:

"The Charlie-1 well in Area A where Premier has a 60% stake on the North Slope of Alaska has proved the presence of gas condensate which is ‘more challenging to commercialise’ than the targeted light oil. As a result Premier has made the decision to exit Area A as soon as regulatory approvals have been received.

Probably good news for Prem shareholders who may have been concerned that the operational magic touch had departed with the move into Alaska, meantime this is awful for 88Energy and whilst Pantheon swiftly rushed out an RNS saying it’s nothing to do with us it’s 20 miles away, there may be some collateral concern".