Premier and Occidental have also jointly been granted two new licenses covering blocks 7B and 7C, also offshore Guinea Bissau, subject to Guinea Bissau government final approval. Premier, as operator, has a 25% paying share while Occidental has a 75% share. The partners plan to commence operations by acquiring a 2D seismic survey in 2004.
Charles Jamieson, Chief Executive of Premier, said 'We are very pleased to have as technically a strong partner as Occidental and at the same time to have taken more acreage in Guinea Bissau. We are looking forward to drilling this highly prospective area early in 2004.'
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