26th Apr 2006 08:05
Premier Oil PLC26 April 2006 PREMIER OIL PLC ("Premier" or "the Company") North Sumatra Block A PSC Acquisition Premier Oil is pleased to announce the acquisition, together with its partnersMedco and Japex, of a subsidiary of ExxonMobil which holds a 50% workinginterest in the North Sumatra Block A PSC, onshore Indonesia. Each of Premier, Medco, and Japex hold a third share of the company which willsubsequently be converted into individually held (16.67%) working interests inthe PSC. The operator is of the block is ConocoPhillips (50%). The block contains undeveloped discoveries on the Alur Siwah, Alur Rambong, andJulu Rayeu fields certified as holding over 650 Bcf gross of proved and probablereserves. The block offers substantial exploration upside. Around 20 prospects have beenidentified with total prognosed unrisked reserves of 1.5 tcf gross. The conversion of the share holdings in the company, to working interests in thePSC is subject to Indonesian Government approvals. Government approvals are notrequired for the initial sale of shares by ExxonMobil to the consortium. Premier's Chief Executive, Simon Lockett, said: "Premier is delighted to announce an acquisition in one of our core areas. TheNorth Sumatra PSC A acquisition builds on Premier's existing business inIndonesia at a low initial entry cost. The block will deliver an increase inmid-term production, and provides an extensive inventory of explorationprospects." 26 April 2006 ENQUIRIES Premier Oil plc Tel: 020 7730 1111Tony DurrantNeil Hawkings 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