Replies to post #5047 on BP Plc (BP)

[///M3]

And out 34.95

[eFinanceMarkets]

$BP BP’s Ravenspurn well in the North Sea has turned out to be a disappointment, according to project partner Premier Oil (OTCPK:PMOIF, OTCPK:PMOIY).

BP said the well could open up a “new phase of development” in the region when drilling began in late 2016, but in an operations update, Premier CEO says that while there were “some indications of gas,” the well was “not very successful" and has been plugged and abandoned.

BP holds an 85% stake in the prospect, with license partners Perenco and Premier owning respective 10% and 5% stakes.

Premier issued an upbeat outlook for its own Catcher field, which produced first oil last month and already is producing ~20K bbl/day of oil; the company expects to reach peak production of 60K bbl/day by the end of H1 2018.

Now read: British Petroleum - Strong Investment In This Market »