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'.
-Year end production ahead of expectations at 33.3 kboepd (Gas: 69%/ Oil: 31%)
-Strong oil and gas prices realized in the second half.
- 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.
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%
Awarded 58.5% interest in Marine IX offshore block in the Republic of
Building a Norwegian business with the award of 5 licences in the recent
APA licensing round including an interest in the Froy field.