Premier Oil Says Dua-5X Test Results Better Than Expected

Premier Oil has successfully completed testing of well Dua-5X on Block 12E offshore Vietnam. Well Dua-5X discovered multiple gas and oil reservoirs in the southern fault block of the Dua structure. Two reservoir intervals were tested. The primary reservoir target flowed oil at a stable rate of 5,543 barrels of oil per day ("bopd") plus 6.76 million standard cubic feet of gas per day ("MMscfd") through a 128/64" choke. A deeper secondary reservoir flowed at a rate of 247 bopd through a 28/64" choke. Neither zone produced water on test.

Premier Oil, as operator of the Block 12E PSC, will now commence the resource assessment and preparation of a reservoir evaluation report. This is the first step in the commercialization process.

Immediately prior to drilling the southern fault block, Premier drilled wells Dua-4X and Dua-4X ST1 in the northern fault block of Dua. These wells were step-outs from the 1974 Dua-1X discovery well from which the main reservoir flowed at a rate of 1,500 bopd. Wireline testing of both Dua-4X and Dua-4X ST1 recovered oil samples and pressure data.

Following completion of operations on Dua-5X, Premier will drill the Blackbird prospect to explore a large tilted fault block updip of an old well that encountered very good oil shows.

On completion of a farmout agreement between Premier Oil and Santos, and subject to receipt of the approvals required from the Government of the Socialist Republic of Vietnam, 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:

"We are very pleased that the Dua-5X well test result is substantially better than expected. The result confirms our decision to proceed rapidly to development studies."

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