Premier Primes Bit Offshore Vietnam

Premier Oil Vietnam reported that the Ocean General semisub is on location in Block 07/03 and is preparing to commence drilling of the CRD-2X appraisal well.

The CRD-2X well will evaluate the oil and gas discovery made by well CRD-1X on the Ca Rong Do prospect in June 2009. The well is designed to reduce uncertainty in whether the CRD structure contains sufficient volumes to support a potential development.

Block 07/03 spans 1.2 million acres (4,915 square kilometers) in the prospective Nam Con Son Basin, and is adjacent to block 12W which contains the Chim Sao and Dua oil fields. Premier operates Block 07/03, holding a 30% interest. Partners on the block include Vietnam American Exploration Company (40%), PearlOil (15%), PetroVietnam (10%), and PPP (5%).

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