Premier Oil announced that Pan Pacific Petroleum (Vietnam) Pty Ltd has agreed to acquire 15% of Premier Oil Vietnam South B.V.'s equity in Block 07/03, offshore Vietnam.
The agreement includes a funding arrangement for part of Premier's 45% operated interest of the costs of the planned drilling program. Upon completion of the funding obligation and other principal terms of the agreement Premier will retain a 30% operated interest in the Block 07/03 Production Sharing Contract, offshore Vietnam.
The remainder of the 55% interest in Block 07/03 will be held by Vietnam American Exploration Company, LLC. (VAMEX) (40%) and PearlOil (Ophiolite) Limited (15%).
Premier's first well on Block 07/03 spudded on May 6, 2009. The well is being drilled on the Ca Rong Do prospect using the semisubmersible drilling unit Hakuryu-5.
This farm-in agreement is subject to Vietnamese Government approval.
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