Premier's Solan Project on Track to Deliver 1st Oil in 4Q 2014

On the exploration front, Premier plans an initial well on one of its North Sea Bagpuss and Blofeld prospects in 2015. The firm farmed into the Bagpuss and Blofeld blocks for a 37.5-percent interest in August 2013.

Premier said the acquisition of further 2D seismic data over Block 121 in the Phu Khan Basin, offshore Vietnam, is planned for this year after well 121-CV-1X proved an active petroleum system in the block.

Meanwhile, Premier has committed to drilling two wells before August 2018 on the CE-M-717 block offshore northern Brazil after being awarded two operated blocks in the Ceará rift basin and a non-operated block in the Foz do Amazonas Basin in Brazil's 11th Licensing Round 2013. In Kenya, the firm plans is currently acquiring 2D seismic data on the onshore Kenya 2B license – where it is committed to drilling a well in late 2014/early 2015.

Premier reported that its total 2013 production averaged 58,000 boepd, compared to 57,700 boepd in 2012, with producing averaging 69,000 boepd in December 2013. The firm highlighted what it described as strong underlying profitability, with its post-tax profit for 2013 holding up at $234 million (2012: $252 million).

The firm made six discoveries from seven exploration wells in 2013, adding approximately 40 million barrels of oil equivalent of reserves and resources. In total, it plans to drill 13 exploration and appraisal wells in 2014 – targeting 140 million barrels of oil equivalent.

Analysts at investment bank Citigroup described Premier as making "solid progress". Meanwhile, the bank highlighted Premier's "active 2014 exploration program with 13 firm wells targeting un-risked resources of 140 million barrels of oil equivalent net to Premier".


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