14th Dec 2006 07:02
Premier Oil PLC14 December 2006 PREMIER OIL PLC ("Premier" or "the Company") New Exploration Licence Award Indonesia Premier Oil is pleased to announce the award of an onshore exploration licenceon Buton Island, Sulawesi, by the Indonesian Government. Premier will hold a 30%non-operated equity interest. The block covers 3,396 km2 and lies on the south-eastern side of Buton island.Oil seeps are prolific on the island and large volumes of oil have beengenerated as evidenced by the commercial asphalt mining operations that havebeen ongoing for many years. The committed work programme includes 265km of 2D seismic designed to confirm atdepth the structures mapped at surface, and one exploration well. 5 leads havebeen identified on the block so far. Simon Lockett, Premier's Chief Executive, commented: "The award of this prospective block builds our portfolio of attractiveexploration acreage in Asia. Buton is an underexplored block in an onshorefrontier area with the potential to contain large prospects for future drilling." 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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