LONDON -- Premier Oil has been awarded a 50% operating interest in block 104-109/05 on the western flank of the Song Hong basin offshore Northern Vietnam.
A joint study between Premier and Petrovietnam has identified numerous leads on block 104-109/05 in water depths ranging from 20-60 m (66-197 ft). The PSC carries a firm work commitment of seismic acquisition plus one exploration well.
Mitsui Oil Exploration Co. (MOECO) has a 50% interest in the block 104-109/05 joint venture. Under a farm-in agreement with Premier, MOECO will carry Premier on the first exploration well drilled on block 104-109/05.
"Premier is building a new core business in Vietnam with oil field development underway on block 12W, exploration drilling in block 12W beginning in March and seismic acquisition in block 07/03 commencing in July," says Simon Lockett, chief executive at Premier. "The award of block 104-109/05 adds significant prospectivity to Premier's Vietnam exploration portfolio."