Premier Oil Expects to Beat Expectations

Premier Oil provides an operational and trading update ahead of its 2005 Final Results which will be announced on March 23, 2006.

Simon Lockett, Chief Executive, commented:
'We are delighted with the progress made by the Company in achieving our objectives in the second half of 2005: a growing production base reinforced by new developments and commercial arrangements which will move us towards our annual production target of 50,000 boepd. Our high impact exploration program will offer shareholders substantial upside exposure in 2006 and we continue to add prospective acreage to our portfolio in our core areas which will fuel our growth in future years'.

HIGHLIGHTS

Operations

-Year end production ahead of expectations at 33.3 kboepd (Gas: 69%/ Oil: 31%)

-Strong oil and gas prices realized in the second half.

Development Program

  • Mauritania - first oil from Chinguetti field is planned for March 2006 with Premier's share due to reach 5,700 boepd by year end.
  • Indonesia - West Lobe platform construction ahead of schedule and within budget (expected onstream 3Q 2006)
  • Pakistan - Zamzama Phase 2 contract successfully signed, discussions with gas customers in both Indonesia and Pakistan progressing.
  • 2006 development program of approximately 20 wells targeting enhanced production. In total, production growth of over 10% by year end 2006.

Exploration

  • Exciting 2006 exploration program with high impact wells in Guinea-Bissau and Vietnam
  • Current wells being drilled in Mauritania and Indonesia
  • Successful farm-down of Indus-E block in Pakistan from 25% to 12.5%
  • New acreage

  • Awarded 58.5% interest in Marine IX offshore block in the Republic of Congo
  • Building a Norwegian business with the award of 5 licences in the recent APA licensing round including an interest in the Froy field.
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