Premier Withdraws from Kenyan Block

UK independent Premier Oil reported Monday that, having conducted a further exploration review, it has withdrawn from Block L10A, offshore Kenya.

Premier said that it will retain its 25-percent equity in the adjacent Block L10B, where prospect maturation if ongoing and a “drill of drop” decision will be made by mid-2014.

Premier Chief Executive Simon Lockett commented in a company statement:

"Whilst we remain committed to exploration in Kenya, we continue to focus our resources on projects that meet our internal corporate investment metrics and to high grade our exploration portfolio accordingly."

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