Premier Reports More Norway Success
Premier Oil Norge AS, a wholly owned subsidiary of Premier Oil plc, has been offered participation in five Norwegian production licenses in the 2006 APA bidding round, announced yesterday. These awards include Premier's first operated license in Norway.
The awards underline Premier's commitment to build a successful exploration and production business in Norway following on from the five licenses awarded in the 2005 bidding round.
The new licenses are all located in the Norwegian North Sea and include several blocks close to our existing acreage interests.
License Area Block No. Working Interest Operator Bream Appraisal 17/12, 8/3 & 9/1 20% BG Bream Exploration 17/12, 8/3 & 9/1 40% Premier NE Troll 36/10, 31/3 & 32/1 40% Revus 35/8 part (south) 35/8 15% Nexen 35/9 part 35/9 25% Nexen
These licenses offer a spectrum of appraisal and exploration drilling opportunities that, in conjunction with Premier's earlier awards, have the potential to meet the company's objectives for production growth and high impact exploration.
Premier said that it is particularly pleased to have been awarded an interest in the Bream area, which includes an existing oil discovery and two significant prospects in the adjacent exploration area that it will operate.
A map showing the location of Premier's existing and new license interests in Norway will be available on the company's website at www.premier-oil.com.
Simon Lockett, Chief Executive, commented :
"We are delighted with yesterday's announcement. Since setting out our strategy
to return our North Sea business to growth, we have, in a short period of time,
built an exciting portfolio of exploration, appraisal and development interests
in the Norwegian sector."
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