Luno II well test result

PREMIER OIL PLC

("Premier")

Luno II well test result

7 May 2013

Premier is pleased to announce the successful well test of the Luno II discovery on PL 359 (Premier equity 30 per cent).

The production test achieved an average flow rate of 2,044 barrels of oil per day of good quality (36 degrees API) crude oil through a 48/64 inch choke, with a gas to oil ratio of 1,012 standard cubic feet per barrel.

Premier estimates gross resources across the Luno II structure to be in the range of 75 to 130 million barrels of oil equivalent (mmboe) of which approximately 80 per cent are liquids. An additional 10 to 40 mmboe has been mapped immediately North of the discovery in a low risk Triassic prospect.

Further appraisal work is planned by the joint venture partnership prior to making development decisions.

Simon Lockett, Chief Executive Officer, commented:

"We are delighted that this successful test result has confirmed Luno II as a significant discovery."

Notes to editors

Premier announced the Luno II oil discovery as a potentially significant find on 8 April 2013. The discovery is on the southwestern flank of the Utsira High in the Norwegian North Sea.

The partners in PL 359 are Lundin Petroleum AB (40 per cent, Operator), Premier Oil plc (30 per cent) and Statoil ASA (30 per cent).