Norway discovery “potentially significant”

Premier Oil has announced a “potentially significant” oil discovery at the Luno II well in the Norwegian North Sea.

The oil and gas operator has been hoping to shrug off recent exploration disappointments this year, with at least 14 new wells planned.

It said the Luno discovery had a different profile to the nearby Edvard Grieg and Johan Sverdrup fields, with further testing under way to evaluate the find.