Premier at Midway Point in 2005 Exploration Program

Premier reports that operations at the Maliri-1 exploration well in the Jhangara License, Pakistan, and Iris Iboga Marin-1 exploration well in the Sterling Energy operated Iris Marin License, offshore Gabon, have been completed, and that wireline logs have been acquired at the Espadon 1A well in PSC Area B offshore Mauritania.

The Maliri-1 Well
The Maliri-1 well was drilled to a shallow Pab sandstone target; it found excellent reservoir quality sandstones but with no gas charge. The well was drilled approximately $1m below budget. Prior to drilling Premier reduced its interest in the license to 18.75%.

Iris Iboga Marin-1 Well
The Iris Iboga Marin-1 well was drilled to evaluate a sub-salt Gamba sandstone target; it penetrated over 30 metres of excellent reservoir-quality sandstones but these were water bearing. The well is being plugged and abandoned as a dry hole and it fulfils the work commitment on the license.

Espadon-1A Exploration Well
The Espadon-1A well was drilled by the Stena Tay to a final depth of 3042 meters. Wireline logs were then acquired for the well. Preliminary analysis of these logs and data acquired while drilling indicate that no significant hydrocarbons were encountered in the well.

Preparations are underway to plug and abandon the well. The Stena Tay will then move to the Tevet-2 well location.

Forward Program
A drilling program of approximately 12 wells is in place for 2005. Two successful wells have been completed so far this year; the first, a flow test on an appraisal well on the Tiof field in Mauritania and the second was a discovery and flow test from the Al Amir-1 exploration well in Egypt. Further wells are planned to be drilled later in 2005 and early in 2006 in Mauritania, Indonesia, Guinea Bissau, Vietnam and the UK.

Simon Lockett, Premier's Chief Executive Officer said: 'Whilst these well results are disappointing, we are still only midway through our exploration program for the year with a further six wells to drill and two successes to date. In addition we have high impact wells planned for early 2006 in Guinea Bissau and Vietnam.

We were encouraged by the quality of the reservoirs found at both the Maliri and the Iris Iboga Marin wells. We will now review the information gained in the wells prior to deciding how to proceed with other opportunities in those areas.

The Espadon well was the second of a five well program in Mauritania. The next well, Tevet-2, has the double objective of appraising the 2004 Tevet discovery and exploring a deeper target.'

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