Premier Oil ups interest in Nam Con Son basin block

Premier Oil has gained a 25% interest in block 12W in the Nam Con Son basin, offshore Vietnam, through the acquisition of Delek Energy (Vietnam).

Offshore staff

LONDON – Premier Oil has gained a 25% interest in block 12W in the Nam Con Son basin, offshore Vietnam, through the acquisition of Delek Energy (Vietnam).

Premier is the operator of the block, which contains the Chim Sáo field. The company expects the field to come onstream at a rate of 25,000 boe/d in late 2010 or early 2011. The block also contains the Dua oil and gas discovery.

Separately PetroVietnam Exploration and Production (PVEP) has confirmed that it will exercise its back-in right to acquire a 15% interest in the PSC.

Following completion of both Premier’s acquisition of Delek and the PVEP back-in, the interests in block 12W will be: Premier 53.125% (operator), Santos 31.875%, and PVEP 15%.

08/03/2009

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