Blackbird Taking Flight in Vietnam

Premier Oil plc said that it has successfully completed drill stem testing of the Blackbird discovery well (12E-CS-1X) on Block 12E, offshore Vietnam.

As announced on 16 November 2006, the Blackbird well discovered four oil bearing intervals in the main middle Dua sandstone target, two of which have now been tested. The first zone tested flowed oil at a sustained rate of 2,177 barrels of oil per day ("bopd") plus 1.63 million standard cubic feet of gas per day ("MMscfd"), through a 44/64" choke with a wellhead pressure of 618 psi. The second zone tested flowed oil at a sustained rate of 3706 bopd plus 2.49 MMscfd through a 64/64" choke with a wellhead pressure of 544 psi. No water was produced on either test.

Following the completion of the drill stem tests the Blackbird well will be sidetracked to obtain further information from the reservoir. The sidetrack will accelerate the appraisal of the Blackbird field, which Premier is commencing with preparation of resource assessments and reservoir evaluation reports.

The Blackbird discovery is located 21 kilometers to the south west of the Dua discovery announced by Premier in October 2006, for which the commercialization process has already commenced.

Block 7&8/97 option exercised

Premier also announced that it has exercised an option to acquire a 45% working interest in, and operatorship of, Block 7&8/97, offshore Vietnam.

Block 7&8/97 is located in the Nam Con Son Basin, immediately to the southeast of Block 12, operated by Premier where the Dua and Blackbird oil discoveries have recently been announced. Premier has already worked with its partner, Vietnam American Exploration Company ("VAMEX"), to acquire, process and interpret a comprehensive grid of 2D marine seismic data across Block 7&8/97 and these have demonstrated the existence of the same play elements that create petroleum prospectivity in Block 12. The seismic interpretation has identified numerous large structures suitable for high impact well locations.

Premier's Chief Executive, Simon Lockett said:

"We are delighted with a combined flow rate of around 6,000 boepd from two zones within our Blackbird discovery. This follows on from the successful testing of our Dua discovery announced in October 2006. We will now move rapidly into pre-development work on both assets.

"The exercise of our option on Block 7&8/97 is part of Premier's continuing strategy of acquiring and operating high impact exploration assets and building on our excellent regional understanding. Premier is already preparing for a full technical and commercial evaluation ahead of a drilling campaign planned for 2008."

On completion of the previously announced farm-out agreement, Premier (as operator) will hold a 37.5% interest in Block 12E. The other partners will be Santos (37.5%) and Delek Energy (25%).

The transaction whereby Premier Oil will acquire the operatorship and interest from VAMEX is subject to all necessary approvals from Petrovietnam and the Government of Vietnam. Following completion of the farm-in the equity in Block 7 &8/97 will be Premier Oil Vietnam B.V. 45% (operator), VAMEX 55%.

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