Premier Oil Wins Four Licenses in the Saharawi Arab Democratic Republic
Premier Oil has been awarded of four licenses by the Government of the Saharawi Arab Democratic Republic ('SADR') in North West Africa.
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:
"The award of this highly prospective acreage in an emerging hydrocarbon province adds to Premier's portfolio of long-term opportunities in a core area. The acreage lies to the north of Mauritania, where the Chinguetti field came on stream last month, and to the south of the Canary Islands where exploration is ongoing for Repsol and Woodside. Premier is pleased to be working with the Government of the SADR."
Operates 3 Offshore Rigs
- European Oil Producers' Weak Hedging Shows Bet on Price Rebound (Jul 31)
- Mexico Oil Privatization Pays Off With Billion-Barrel Find (Jul 12)
- Premier Oil Expects Weak Pound To Help Bottom Line (Jan 12)