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Oil discovery made in British North Sea

  |   June 7, 2012 at 7:54 AM
LONDON, June 7 (UPI) -- British energy company Premier Oil announced that it made an oil discovery in the Catcher area of the country's territorial waters of the North Sea.

Premier said it encountered 51 net feet of medium-grade crude oil in the Carnaby exploration well in the North Sea.

"The discovery of good quality oil in the western part of the block is encouraging and the results from the Carnaby well will be used to calibrate the remaining exploration potential in this part of the block," Premier Chief Executive Officer Simon Lockett said in a statement.

Lockett said the well would contribute to ongoing developments in the area, which continue to focus on oil production from previous discoveries.

Scottish energy company Cairn is a partner at the project through its subsidiary Agora Oil and Gas, which has a 15 percent stake in the project.

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