Premier Reports Masimpur-3 Abandoned

Planned testing on Masimpur-3, as reported on August 23, 2007, has now been completed. The delay to testing was caused by fishing operations. Despite the fact that the logs identified the potential for hydrocarbons and that oil and gas shows were observed during drilling, the well did not flow commercial gas or oil volumes during testing.

The well is being plugged and abandoned. Since no commercial discovery has been made by the end of the Exploration Period, the PSC will now terminate.

Premier has a net 14.5% interest in the block.