Upon signing the license Premier will assign 42.5% to PEARL Energy and 15% to Philippines National Oil Company.
Premier believes that the Ragay Gulf is highly prospective for oil with numerous leads in a variety of play types which have already been identified. The initial work commitment is for technical studies and a seismic survey. Subject to the results of this work, Premier plans to define specific drilling targets and commence exploration drilling.
Charles Jamieson, Chief Executive of Premier, said 'The Philippines is a new country for Premier but it fits well with our strategy of finding new exploration opportunities within our core areas. We believe this area has been overlooked despite the existence of oil seeps, and recent seismic data supports its prospectivity.'
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