Logo of Phnom Penh Post newspaper Phnom Penh Post - Premier sells stake

Premier sells stake

Premier sells stake

Premier Petroleum Cambodia has sold a 33.3 percent share in their Block 4

concession area in Cambodian waters to Japan's Idemitsu Kosan, Premier's country

coordinator Jeremy Martin told the Post this week.

Martin explained that

his company, a subsidiary of Britain's Premier Consolidated Oilfields, has a

policy of introducing partners at the drilling stage because of the high cost

and high risk involved.

He estimated total drilling costs at $6 million.

Martin refused to discuss further the PSC (production sharing contract),

saying it was confidential.

Martin, a former country coordinator for

Enterprise Oil which has concessions on two adjoining blocks, said, "We'll start

drilling as soon as the drilling ship is available, late April if possible."

Premier will be using the Nedrill Workship One.

Premier has had the Block

4 concession for almost two years, and has completed seismic surveys of the

area.

The surveys involve towing a boom behind a ship and firing off

electrical charges to obtain vibrations which determine the different geological

strata, explained Martin.

The first exploration well, Kaoh Tang-1, has a

projected total depth of 3,609 metres.

It will be one of the first wells

to be drilled in the Khmer Trough in over 20 years, said the managing director

of Premier Oil Pacific David Melzer in a statement released to the

Post.

Block 4 is located west of Kaoh Tang Island, 200 km southwest of

Sihanoukville.

MOST VIEWED

  • NY sisters inspired by Khmer heritage

    Growing up in Brooklyn, New York, Cambodian-American sisters Edo and Eyen Chorm have always felt a deep affinity for their Cambodian heritage and roots. When the pair launched their own EdoEyen namesake jewellery brand in June, 2020, they leaned heavily into designs inspired by ancient Khmer

  • Cambodia records first Omicron community case

    The Ministry of Health on January 9 reported 30 new Covid-19 cases, 29 of which were imported and all were confirmed to be the Omicron variant. The ministry also reported 11 recoveries and no new deaths. Earlier on January 9, the ministry also announced that it had detected the Kingdom's

  • The effects of the USD interest rate hike on Cambodian economy

    Experts weigh in on the effect of a potential interest rate expansion by the US Federal Reserve on a highly dollarised Cambodia Anticipation of the US Federal Reserve’s interest rate hike in March is putting developing economies on edge, a recent blog post by

  • PM eyes Myanmar peace troika

    Prime Minister Hun Sen has suggested that ASEAN member states establish a tripartite committee or diplomatic troika consisting of representatives from Cambodia, Brunei and Indonesia that would be tasked with mediating a ceasefire in Myanmar. The premier also requested that Nippon Foundation chairman Yohei Sasakawa

  • Kampot tourism quay ‘90% done’

    Construction on Kampot International Tourism Port – a 4ha quay in Teuk Chhou district about 6km west of Kampot town – has fallen off track, reaching 90 per cent completion, according to a senior Ministry of Tourism official last week. The project is now planned to be finished

  • Demining rat ‘hero’ Magawa dead at 8

    A landmine-hunting rat that was awarded a gold medal for heroism for clearing ordnance from the Cambodian countryside has died, his charity said on January 11. Magawa, a giant African pouched rat originally from Tanzania, helped clear mines from about 225,000sqm of land – the equivalent of 42