Premier sells shares in AWE

RNS Number:1907M
Premier Oil PLC
11 June 2003


                                 PREMIER OIL PLC
                                  ("Premier")

            Premier Sells Shares in Australian Worldwide Exploration


Premier announces that it has sold its entire shareholding in the Sydney based
quoted company Australian Worldwide Exploration Limited (AWE) for a net cash
amount of A$33 million (#13.1 million).

As at 31 December 2002, Premier reported proforma net debt of #47.1 million.
Taking the benefit of this share sale into account, proforma net debt and
gearing falls to #34 million and 13% respectively.

Charles Jamieson, CEO of Premier, said:

"The sale of our shares in AWE is another step in our programme of rationalising
our portfolio and releasing value from non-core assets. This puts Premier in an
even stronger position to pursue exploration and commercial dealmaking
opportunities."


                                                                    11 June 2003


ENQUIRIES:

Premier Oil plc                                      Tel: [phone]
Charles Jamieson
John van der Welle

College Hill                                         Tel: [phone]
James Henderson




Background For Editors:

Premier Oil plc is a leading independent oil and gas company with producing
interests in the UK, Indonesia, and Pakistan. Exploration is ongoing in the UK,
Indonesia, West Africa (Guinea Bissau and Gabon) and South Asia (Pakistan and
India).

On 16 September 2002 Premier announced a major restructuring involving the
transfer of interests in Myanmar and Indonesia to its major shareholders Amerada
Hess and Petronas in return for the cancellation of their combined 50 per cent.
shareholding in Premier, an injection of cash and repayment of Myanmar project
debt. The restructuring leaves Premier as a fully independent oil company in a
good position to follow its strategy of value creation and early realisation
through oil and gas exploration and commercial deal-making.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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