Premier Oil PLC Award of the Andaman II licence, Indonesia (3972D)
January 31 2018 - 2:00AM
UK Regulatory
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: 020 7730 1111
Tony Durrant, Chief Executive
Robin Allan, Director, North
Sea & Exploration
Camarco Tel: 020 3757 4980
Billy Clegg
Georgia Edmonds
This information is provided by RNS
The company news service from the London Stock Exchange
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