StockMarketWire.com - Premier Oil confirmed that a well in Alaska had turned up disappointing results.

The Charlie-1 well in the Area A block on the North Slope of Alaska proved the presence of mobile hydrocarbons.

However, they were gas condensate, which Premier said was more challenging to commercialise than the light oil the well was targeting.

'As a result, the company has made the decision to exit Area A as soon as regulatory approvals have been received,' Premier Oil.

The company owned a 60% interest in Area A, which was operated by 30% shareholder 88 Energy.



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