Premier Oil's current trading operations boast average production rates for 2007 at 8% higher than 2006 at 35.7 kboepd; year-end run rate of 38.8 kboepd (December average); strong oil and gas prices realized in second half; full year average of $74.6 per barrel, a 3% premium to Brent; and increased balance sheet strength with cash balances of around $330 million at year end.
Premier Oil's development assets invovle major development projects progressing as planned to build Premier's production to 50,000 boepd by end 2010. Chim Sao (Vietnam), Alur Siwah and Gajah Baru (Indonesia) are expected to reach project sanction this year and onstream in 2010.
Premier Oil's drilling update includes a program of approximately 18 development wells and up to 12 exploration and appraisal wells planned for 2008.
Future developments include an up to 24-month Vietnam campaign expected to commence in mid-March 2008; Monte Cristo-1 well in Philippines expected to spud 1Q 2008; Bream appraisal well in Norway expected to spud during March or April 2008; significant development well program in Pakistan includes accessing a number of deeper exploration prospects; Qadirpur deep testing program scheduled for April 2008; and infill drilling at Wytch Farm, Scott and Chinguetti.
Appointment of Mr David Lindsell and Mr Michel Romieu as non-executive directors round out Premier Oil's successes for 2007.
Simon Lockett, chief executive, commented, "2007 saw significant progress on Premier's development projects as important gas contracts in Indonesia and Singapore were signed. We begin 2008 in strong financial shape, with an active exploration programme, especially in Vietnam, and on target to deliver our stated production target of 50,000 boepd by the end of 2010."
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