31st Mar 2006 07:03
Premier Oil PLC31 March 2006 PREMIER OIL PLC ("Premier" or "the Company") Mauritania Update Premier advises that the following release regarding disputed amendments wasmade earlier today by Woodside Petroleum Ltd: Resolution of Mauritanian Dispute Woodside Petroleum Ltd. advises that it has resolved a dispute with theMauritanian Government over amendments to four* offshore production contractsoperated by the company's wholly-owned subsidiary Woodside Mauritania Pty Ltd. Woodside and the Mauritanian Government have reached an agreement in principleto settle the dispute without the need for formal arbitration. Woodside Chief Executive Don Voelte said the agreement laid the foundation forgood relations between the company and the Mauritanian Government. "The Mauritanian Government has worked constructively with Woodside to resolvedifferences between the parties," he said. "We are happy with this agreement and look forward to building a productive andcooperative relationship with the Mauritanian Government." \* The disputed amendments refer to the following offshore production sharingcontracts ('PSC'): PSC-A, PSC-B, PSC-C Block 2, PSC-C Block 6. Premier holds a4.62% stake in PSC-A, a 9.23% stake in PSC-B and has no interest in PSC-C. Premier's Chief Executive, Simon Lockett, said: "Premier is pleased to announce significant progress in resolving the disputewith the Mauritanian Government. There will now follow a period where detailedterms and agreements with the Mauritanian Government will be progressed." 31 March 2006 ENQUIRIESPremier 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:
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