Premier Successfully Appraises Ujung Pangkah Field

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26 Feb 2001

Premier Oil plc is pleased to announce the successful completion of an appraisal drilling programme on Ujung Pangkah Field in its Pangkah Block in East Java, Indonesia. The appraisal programme has confirmed reserves for the field in excess of 450 bcf of rich gas (equivalent to around 90 million barrels of oil) with the possibility of developing additional oil from the structure. In collaboration with its Production Sharing Contract partners, Premier is actively pursuing a market for the gas and has commenced discussions for its sale.

The appraisal programme consisted of two vertical wells called UP-2 and UP-3 and a planned sidetrack of the UP-2 well. All three wells encountered commercial hydrocarbons and confirmed the Ujung Pangkah structure. A comprehensive coring, logging and sampling programme was carried out allowing independent verification of reserves by Degolyer and MacNaughton.

Charles Jamieson, Premier Oil's CEO said,

"This discovery is a further example of Premier's strong operational success over the last twelve months. The proximity to the important power markets in East Java should allow us to fully commercialise these assets as well as significantly increasing the Group's reserve base in Indonesia."

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