17th Mar 2006 07:01
Premier Oil PLC17 March 2006 PREMIER OIL PLC ("Premier" or "the Company") Licence Awards - SADR Premier Oil is pleased to announce the award of four licences by the Governmentof the Saharawi Arab Democratic Republic ('SADR') in North West Africa. The four blocks are Daora, Haouza, Mahbes and Mijek. Each block is equivalentin size to 2 North Sea quads (68 blocks). Premier Oil will hold 50% equity ineach block, and is a non-operator. The agreements entered into conform to oil industry standards, are comparablewith those utilised in adjacent offshore territories and importantly followaccepted International legal principles and UN guidelines with respect tonon-self governing territories. The SADR is a full member of the African Union and is classed as a non-selfgoverning territory by the UN, reflecting the fact that a referendum onself-determination following decolonisation has not yet occurred. Simon Lockett, Premier's Chief Executive, commented: "The award of this highly prospective acreage in an emerging hydrocarbonprovince adds to Premier's portfolio of long-term opportunities in a core area.The acreage lies to the north of Mauritania, where the Chinguetti field came onstream last month, and to the south of the Canary Islands where exploration isongoing for Repsol and Woodside. Premier is pleased to be working with theGovernment of the SADR." 17 March 2005 ENQUIRIES Premier Oil plc Tel: 020 7730 1111Simon LockettTony Durrant Pelham PRJames Henderson Tel: 020 7743 6673Gavin Davis Tel: 020 7743 6677 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
PMO.L