(Reuters) - Premier Oil Plc said on Thursday it had found gas while drilling at the Tolmount East well in the North Sea.
The company’s shares were seen trading about 10% higher.
During the drilling, Premier came across reservoir sands at the upper end of expectations, in terms of quality and thickness.
“The well penetrated 241 feet of gas bearing high quality Leman sands,” the company said.
Premier said it was progressing with the development of the Tolmount gas project, which remains on schedule for first gas by the end of next year.
The project will add a net 20,000 to 25,000 barrels of oil equivalent per day to group production.
Reporting by Shanima A in Bengaluru; Editing by Shounak Dasgupta