The four blocks are Daora, Haouza, Mahbes and Mijek. Each block is equivalent in size to 2 North Sea quads (68 blocks). Premier Oil will hold 50% equity in each block, and is a non-operator.
The agreements entered into conform to oil industry standards, are comparable with those utilized in adjacent offshore territories and importantly follow accepted International legal principles and UN guidelines with respect to non-self governing territories.
The SADR is a full member of the African Union and is classed as a non-self governing territory by the UN, reflecting the fact that a referendum on self-determination following decolonisation has not yet occurred.
Simon Lockett, Premier's Chief Executive, commented:
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