Drilling Commenced at Premier's Offshore Vietnam Block

Premier Oil has advised that the Ocean General semisub spudded the CRD-2X appraisal well on February 10. The well is being drilled in a water depth of 1,033 feet (315 meters) with a planned total measured depth of about 10,171 feet (3,100 meters) below rotary table. The well is designed to reduce uncertainty in whether the CRD structure contains sufficient volumes to support a potential development.

Block 07/03 spans 1.2 million acres (4,915 square kilometers) in the prospective Nam Con Son Basin, and is adjacent to block 12W which contains the Chim Sao and Dua oil fields. Premier operates Block 07/03, holding a 30% interest. Partners on the block include Vietnam American Exploration Company (40%), PearlOil (15%), PetroVietnam (10%), and PPP (5%).

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