SIGNIFICANT PROGRESS ON PROJECTS IN THE PORTFOLIO GIVES US CONFIDENCE THAT PREMIER WILL ACHIEVE ITS STATED PRODUCTION TARGET OF 50,000 BOEPD BY THE END OF 2010
1
INDONESIA –Gajah Baru
In the fourth quarter of 2007 Premier announced the signature of Heads of Agreement with Sembcorp Gas Pte Ltd for gas sales into the Singapore market, and with PT Perusahaan Listrik Negara and PT Universal Batam Energy for domestic gas sales into Batam. Development of the Gajah Baru field in the Natuna Sea will now commence with project sanction expected later this year and first gas planned for 2010.
Gas from Gajah Baru will be piped to the Sembgas facility in Singapore
2
INDONESIA –North Sumatra Block A
A Gas Sale and Purchase Agreement (GSPA) was concluded in December 2007. The GSPA will govern the sale of gas from the Alur Rambong, Julu Rayeu, and Alur Siwah fields in North Sumatra to the PIM fertilizer plant on the northern Aceh coast. A field development plan has been submitted for approval.
Gas from North Sumatra Block A will power the PIM fertilizer plant
3
VIETNAM –Chim Sáo
Premier discovered oil on the Dua and Chim Sáo (formerly Blackbird) prospects in 2006 and 2007. Project development work has made good progress during 2007. Outline development plan approval, approval of the field development plan, and project sanction are all expected in 2008. First production from Chim Sáo is on target for 2010.
Chim Sáo and Dua were drilled by the Ocean General and first production is on target for 2010
4
UK –Scott
Equity in the Scott field was increased to 21.83 per cent via acquisition during 2007, adding over 5,000 boepd to Premier’s net production. An infill drilling programme was successfully completed in 2007, and a further campaign will commence during 2008. With higher oil prices and a strong production performance, payback of Premier’s acquisition cost of US$53 million was achieved within the first six months.
An infill drilling programme will commence on Scott in 2008
