Premier Provides Annual Results for 2011 in Mauritania

Source: www.gulfoilandgas.com 3/22/2012, Location: Africa

Premier is a leading FTSE 250 independent exploration and production company with oil and gas interests in the North Sea, South East Asia and in the Middle East, Africa and Pakistan regions. Our strategy is to add significant value for shareholders through exploration and appraisal success, astute commercial deals and optimal asset management.

In Mauritania, 2011 working interest production from the Chinguetti field averaged 650 bopd (2010: 700 bopd) with the decline rate continuing to be lower than expected. Negotiations between the government and the joint venture partners have been completed for extensions to PSC A and PSC B. Their respective exploration areas have been merged into a new PSC, C-10, in which Premier holds a 6.23 per cent working interest. The undeveloped discoveries (Banda, Tiof and Tevet) in PSC A and PSC B will continue to be held by joint venture partners for up to 18 months while development studies are undertaken. Potential gas sales arrangements for Banda are currently under discussion.

The exploration PSC extension was signed and ratified in 2011, resulting in a new PSC. The new PSC, in which Premier holds a 6.23 per cent equity interest, has a gross area of 10,725km2. The plan is to drill the first of two exploration wells on this new PSC in the latter half of 2012.


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