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