By OGJ editors
HOUSTON, Jan. 14 -- London-based independent Premier Oil PLC has received a license from the Philippines Department of Energy to explore a 10,800 sq km area in the Ragay Gulf, off Luzon, Philippines. The initial work will consist of technical studies and a seismic survey, with which Premier will define specific drilling targets for exploration drilling.
Premier said it would assign a 42.5% ownership interest in the license to Pearl Energy and 15% to Philippines National Oil Co.
Premier said the Ragay Gulf is highly prospective for oil "with numerous leads in a variety of play types that have already been identified."
"We believe this area has been overlooked despite the existence of oil seeps, and recent seismic data supports its prospectivity," said Premier CEO Charles Jamieson.
