Contractors Unlimited

Premier Oil Drilling Update

Premier Oil The Premier-operated East Fyne Appraisal well, 21/28a-11, has drilled to a total depth of 5,020 feet. The well encountered 11 feet of gas bearing sand within the Upper Tay formation and 8 feet of oil bearing sand within the Middle Main Tay. The thickness of the oil bearing sand is at the lower end of the pre-drill estimate and the well is being plugged and abandoned. The results of the East Fyne Appraisal well will be incorporated into the Greater Fyne Area go forward plans and a decision on whether a commercial development is viable for Premier is expected to be taken by the end of the second quarter of 2012.

The Sedco 704 rig will now move to drill the Premier-operated Bluebell prospect (Premier 60 per cent working interest) in licence P1466 (UK Block 15/24c) in the Central North Sea. The results of this well are expected in March 2012.

In Indonesia, the Anoa development well (WL-5x) on Natuna Sea Block A was deepened to a total depth of 11,012 feet to investigate the potential of the Lama Formation. The well encountered approximately 300 feet of tight, but fractured, Lama Formation sandstone. It is not possible to determine from the existing logs whether the fractures contain moveable gas. Subject to partner approval, the plan is to test the Lama interval later this month.

The next exploration well to be drilled in the Natuna Sea Block A will be at Biawak Besar which is expected to spud in March 2012.

Published 06/02/2012

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Premier Oil plc is a growing FTSE 250 oil and gas exploration and production company with current interests in eight countries around the world. The company's target is to deliver growth by building three quality businesses, in the North Sea, the Middle East/Pakistan and South East Asia, which together deliver 100,000 barrels of oil per day from around 400 million barrels of reserves.

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