Premier Oil PLC Award of the Andaman II licence, Indonesia (3972D)

TIDMPMO

RNS Number : 3972D

Premier Oil PLC

31 January 2018

PREMIER OIL PLC

("Premier")

Award of the Andaman II licence, Indonesia

31 January 2018

Further to the announcement by the Government of Indonesia, Premier is pleased to confirm that it, together with its joint venture partners Mubadala Petroleum and Kris Energy, has been awarded the Andaman II Licence in the 2017 Indonesian Licence Round. The Andaman II licence is located in the underexplored but proven North Sumatra basin offshore Aceh, Indonesia.

Premier has identified numerous prospects and leads which exhibit DHIs (direct hydrocarbon indicators) on the existing 2D seismic data, significantly de-risking a potentially material gas play. Premier assesses that the overall licence has the potential for significant gas volumes which, in the success case, would be delivered to existing gas consumers in North Sumatra.

The forward plan is to acquire 3D seismic in the initial three year term.

Tony Durrant, CEO, commented:

'This award is in line with Premier's strategy of targeting low commitment high impact exploration in proven hydrocarbon provinces and has the potential to deliver significant organic growth opportunities for our existing Indonesian business in the longer term.'

Notes to editors

The JV comprises Premier (operator, 40%), Mubadala Petroleum (30%), and Kris Energy (30%).

 
 Enquiries: 
 Premier Oil plc                 Tel: [phone] 
 Tony Durrant, Chief Executive 
 Robin Allan, Director, North 
  Sea & Exploration 
 
 Camarco                         Tel: [phone] 
 Billy Clegg 
  Georgia Edmonds 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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January 31, 2018 02:00 ET (07:00 GMT)