The well was drilled as a delineation well for the Lower Miocene (M100) reservoir and as an appraisal well for the deeper Miocene reservoir (M500).

Both reservoirs were encountered at the prognosed depths and contained better quality sands than encountered in the nearby A-01 well.

The M100 reservoir contained 47 feet of net pay with 29% porosity compared to 32 feet with 25% porosity in the A-01 well and the M500 reservoir contained 9 feet of net pay with 26% porosity compared to 5.5 feet with 25% porosity in the A-01 well.

President and CEO Randy Bartley said: "The M100 Lower Miocene reservoir has yielded consistently better than expected reservoir quality sands in the southwestern part of the Bua Ban North field.

"This will be another excellent producing well for us. Following the results of the A-11 well, we will begin planning future wells in this area to target the deeper M500 sands similar to what has been successful for us in the northern part of the field."

At 8:54am: (LON:CEO) share price was +45p at 877.5p

Story provided by StockMarketWire.com