Premier Confirms Discovery at Ca Rong Do Well Offshore Vietnam

Premier is pleased to announce that it has successfully completed drill stem testing of the Ca Rong Do discovery well on Block 07/03, offshore Vietnam. As announced on 3rd June 2009, the Ca Rong Do well was drilled to a total depth of 3,810 meters BRT and has intersected approximately 90m net oil and gas pay within multiple stacked reservoir layers. Two of these reservoir zones have now been tested. The zones tested flowed oil at a combined rate of 3,265 barrels of oil per day plus 8.1 million standard cubic feet of gas per day, through a 48/64" choke. No water was produced from either zone.

Premier plans to conduct a 3D survey to define the resource potential of the Ca Rong Do discovery and adjacent structures and to determine future exploration and appraisal activity. Premier currently plans to drill a second exploration well elsewhere on Block 07/03 in Q4 2009.

Block 07/03 covers 4,915 km2 in the Nam Con Son Basin, and is adjacent to Block12W which contains Premier's Chim Sao and Dua Oil Fields. Partners in Block 07/03 are Premier Oil Vietnam South B.V. 30% ("Premier," Operator), Vietnam American Exploration Company, LLC. 40% ("Vamex," a wholly-owned subsidiary of Pitkin Petroleum Plc), and PearlOil (Ophiolite) Ltd 15% ("Pearl"). Pan Pacific Petroleum (Vietnam) Pty Ltd ("PPPV") has 15% equity following a farm-in agreement which is subject to Vietnamese Government approval.

Simon Lockett, Chief Executive, commented, "We are delighted to have encountered hydrocarbons, both oil and gas, with our first well on Block 07/03, giving us encouragement that we have a working hydrocarbon system within this large under-explored area of the Nam Con Son Basin. Given numerous leads and prospects in this and our adjoining acreage, we look forward to an active seismic and drilling program as a follow up to this success."