Premier Finds Oil at Dua 4X Offshore Vietnam

Premier Oil has completed operations on well Dua-4X on Block 12E in Vietnam, as an oil and gas discovery.

Following interpretation of a 3D seismic survey acquired in 2005, Premier has drilled well Dua-4X down-flank from the 1974 Dua-1X discovery well, a well that flowed 1,500 barrels of oil per day. Following the intersection of hydrocarbons in the Dua 4X vertical well, a sidetrack has been drilled (Dua-4X ST1) to provide further geological information. Wireline testing of both Dua-4X and Dua-4X ST1 recovered oil samples and core and pressure data to help define the quantity and quality of hydrocarbons within the northern flank of the Dua structure. As planned, no DST was performed.

Premier will now undertake a second geological sidetrack, Dua-4X ST2, to further evaluate potential gas and oil reservoirs in the southern fault block of the Dua structure.

Following completion of Dua-4X ST2, Premier will drill well 12E-CS-1X on the Blackbird prospect to explore a large tilted fault block updip of a pre-existing well (12E-LK-1X) which encountered very good oil shows.

On completion of the farmout agreement announced on April 26, 2006, Premier (as operator) will hold a 37.5% interest in Block 12E. The other partners will be Santos (37.5%) and Delek Energy (25%).

Premier's Chief Executive, Simon Lockett, said:

'I am pleased that Premier's first operated well in Vietnam has provided confirmation of oil and gas in Dua's northern fault block. We look forward to the results of the sidetrack into the southern fault block.'

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