Premier Oil plc engages in the exploration, development, and production of oil and gas properties. The company has oil and gas producing interests primarily in Asia, the Middle East and Pakistan, the North Sea, and West Africa. Exploration The company participated in 14 exploration and appraisal wells in 2008. The company acquired approximately 4,250 kilo meters of new 2D seismic and 600 square kilo meters of 3D to advance its exploration interpretations in preparation for 2009/2010 drilling. Asia Indonesia: During 2008, Premier’s operated Natuna Sea Block A gas sales amounted to 142 billion British thermal units per day (BBtud) (gross), and the non-operated Kakap field contributed a further 60 BBtud (gross). Vietnam: During 2008, the company drilled appraisal well in the Chim Sáo field, which tested two zones at a combined rate of 4,330 bopd plus 3.5 mmscfd. During 2008, Premier drilled three further exploration prospects in Block 12W. Philippines: The company and its partners are carrying out exploration activities over a prospective trend in the Panaon Limestone formation found with new seismic data obtained in 2008. India: The company is maintaining a limited presence in India pending resolution of the signature of the Ratna licence with the Government of India. Middle East-Pakistan Pakistan: The Qadirpur field produced an average of 4,060 boepd, from the company’s working interest of 4.75 percent. Six new production wells were drilled. The Kadanwari field produced an average of 1,225 boepd in 2008 from the company’s 15.79 percent working interest. Bhit/Badhra production was 3,190 boepd in 2008 from the company’s 6 percent working interest. Egypt: The Al Amir SE-1 well, drilled in October 2008, encountered oil in the Kareem formation, opening up a new play in the area. The well tested approximately 3,000 bopd and 4.25 mmscfd of associated gas. Abu Dhabi: The company has a joint venture, which pursues the acquisition of upstream oil and gas assets across the Middle East and North Africa, with a particular focus on future projects in Abu Dhabi and Iraq. North Sea U.K. and Norway: TheWytch Farm oil field contributed 2,965 boepd production net to Premier. In October 2008 a three to four well infill drilling programme commenced. West Africa Mauritania: In Mauritania, Chinguetti production averaged 11,700 bopd (950 bopd net to Premier) in 2008. The Chinguetti Phase 2B development programme comprising three workovers and two new production wells was completed in 2008. Congo: The company has a 31.5 percent equity interest. SADR: The company’s exploration rights in the Saharawi Arab Democratic Republic (SADR) remain under force majeure, awaiting resolution of sovereignty under a United Nations mandated process. Joint Ventures Premco Energy Projects Company LLC (PREMCO) is owned 49 per cent by the company and 51 percent by Emirates International Investment Company LLC (EIIC). Premco Energy Projects BV (PREMBV) is owned 50 per cent by the company and 50 percent by EIIC. Acquisitions During early 2009, the company acquired Oilexco North Sea Ltd. Reserves As of December 31, 2008, the company had proved plus probable reserves of 228 million barrels of oil equivalent. Significant Events On January 5, 2009, Serica Energy PLC announced that it has reached agreement with Premier Oil plc for the farm-out of UK Central North Sea Block 22/19c, which contains the Oates and Bowers Palaeocene prospects and in which Serica presently holds a 100% interest.
premier oil plc
(PMO:London Stock Exchange)
23 Lower Belgrave Street
London, SW1W 0NR
Phone: 44 20 7730 1111
Fax: 44 20 7730 4696www.premier-oil.com
|Beach Energy Ltd||A$0.54 AUD||+0.01|
|Det Norske Oljeselskap ASA||56.20 NOK||+1.20|
|EnQuest PLC||23.00 GBp||-0.25|
|Etablissements Maurel et Prom||€3.04 EUR||-0.084|
|Slavneft-Megionneftegaz OAO||540.00 RUB||-8.00|
|View Industry Companies|
|Price/Cash Flow||NM||Not Meaningful|
Sponsored Financial Commentaries
To contact PREMIER OIL PLC, please visit www.premier-oil.com. Company data is provided by Capital IQ. Please use this form to report any data issues.