Premier lands Indonesia block

LONDON, January 31, 2018 – Indonesia has awarded Premier Oil, together with partners Mubadala Petroleum and Kris Energy, the Andaman II licence in the offshore North Sumatra Basin, the independent said on Wednesday.

The award is part of the 2017 Indonesian Licence Round. Existing 2D data on the tract suggests “the potential for significant gas volumes,” Premier added in a statement. The company plans to acquire 3D seismic data in the next three years.

“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,” said CEO Tony Durrant.

Premier Oil will operate the licence with a 40% stake. Mubadala Petroleum and Kris Energy will each hold 30% interests in the project.

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