Premier Awarded New Production Sharing Contract in Vietnam

Premier Oil reported the award of a 50% operating interest in Block 104-109/05 on the western flank of the Song Hong Basin offshore of Northern Vietnam.

A joint study between Premier and Petrovietnam has identified numerous leads on Block 104-109/05 in water depths ranging from 20 metres to 60 metres. The PSC carries a firm work commitment of seismic acquisition plus one exploration well.

Mitsui Oil Exploration Company (MOECO) has a 50% interest in the Block 104-109/05 Joint Venture. Under a farm in agreement with Premier, MOECO will carry Premier on the first exploration well drilled on Block 104-109/05.

Simon Lockett, Chief Executive commented, "Premier is building a new core business in Vietnam with oil field development underway on Block 12W, exploration drilling in Block 12W beginning in March and seismic acquisition in Block 07/03 commencing in July. The award of Block 104-109/05 adds significant prospectivity to Premier's Vietnam exploration portfolio."

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