Premier Finds Gas with Second Dua Sidetrack

Premier Oil has completed operations on well Dua-4X ST2 on Block 12E in Vietnam. Following interpretation of a 3D seismic survey acquired in 2005, Premier drilled the Dua 4X vertical well plus sidetrack Dua-4X ST1 and encountered oil and gas within the northern flank of the Dua structure.

Premier then drilled a second geological sidetrack, Dua-4X ST2, to further evaluate potential gas and oil reservoirs in the southern fault block of the Dua structure. This sidetrack intersected a gas column within limestones above the primary target. Further work is required to assess the significance of the gas encountered. However, when the well was operating close to the base of the limestone column, technical difficulties were experienced.

To ensure that the safety of the operation was not compromised Premier has plugged Dua-4X ST2 and the well will now be redrilled as Dua-5X as a vertical well into the southern flank of the Dua structure.

Following completion of Dua-5X, Premier will drill well 12E-CS-1X on the Blackbird prospect to explore a large tilted fault block updip of a pre-existing well (12E-LK-1X) which encountered very good oil shows.

On completion of the farmout agreement announced on April 26, 2006, and subject to receipt of the approvals required from the Government of the Socialist Republic of Vietnam, Premier (as operator) will hold a 37.5% interest in Block 12E. The other partners will be Santos (37.5%) and Delek Energy (25%).

Premier's Chief Executive, Simon Lockett, said:

"We are encouraged by the discovery of gas in an upper zone of Dua's southern fault block in addition to the earlier discovery of oil and gas in the northern flank. We look forward to the result of the Dua-5X vertical well which is targeting oil in the deeper Dua sands."

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