Premier Oil plugs well

FTSE 250-listed Premier Oil yesterday said that it has plugged and abandoned a Vietnamese well despite discovering gas, after finding indications of overpressure which can be dangerous to drill in. β€œ[It] was a frontier exploration well and was the first to test the prospectivity of the Oligocene section in the Phu Khanh Basin [in Vietnam],” said chief executive Simon Lockett. β€œThe presence of deep clastic reservoir rocks and an active petroleum charge in this first wild cat exploration well is encouraging.”