PMO.L Regulatory News (PMO)

Premier Oil plc

"Premier" or the "Group" or the "Company"

Premier awarded 3 licences in UK's 32nd Round

3 September 2020

Premier is pleased to announce that its three applications in the UK's 32nd Offshore Licensing Round have been successful with the award of two licences directly adjacent to its Tolmount Field Development Area (FDA) in the Southern Gas Basin as well as a licence next to its operated Catcher Area fields in the Central North Sea.

Premier was awarded a 50 per cent operated interest in Blocks 42/28e and 42/29b in the licence directly to the east of the Tolmount FDA and a 50 per cent non-operated stake in Blocks 42/27, 47/2b and 47/3g in the licence immediately to the west of the Tolmount FDA. Dana is Premier's 50 per cent partner in the two licences and the operator of Blocks 42/27, 47/2b and 47/3g. 

The 3D seismic data acquired across the Greater Tolmount Area in 2019 covered a significant area across the awarded adjacent licences. The final processed data from that survey was received in Q2 this year and Premier is now maturing a number of leads and prospects previously identified on the new blocks which, in the success case, could be developed via the Tolmount infrastructure.

Premier, together with its joint venture partners, Cairn, MOL and Dyas, was awarded Block 28/9f adjacent to its Catcher Area fields. Block 28/9f contains the Cougar and Rapide prospects, which are being evaluated as potential tie-backs to the Catcher Area facilities.

There are no well commitments associated with these awards.

Dean Griffin, Head of Exploration, commented:

"We are delighted to have been awarded the block next to our Catcher Area fields as well as the blocks adjacent to the Tolmount field, given our pre-investment in the extended 3D survey there. These awards provide significant opportunities to create value and to extend the life of these core assets."

Enquiries

Premier Oil plc 020 7824 1116

Tony Durrant, CEO

Dean Griffin, Head of Exploration

Camarco 020 3757 4983

Billy Clegg, Georgia Edmonds, James Crothers