Premier Oil PLC is on track to surpass its 50,000 barrels of oil equivalent per day (boepd) target in 2010 and also expects to be “very active” on its exploration and development projects in Vietnam in 2007-08, chair Sir David John said at the company’s annual general meeting. Earlier today, Premier said it completed the purchase of an additional 20.05% stake in the Scott field, taking its interest in the field to 21.83% and increasing Premier’s current production by 5,000 boepd. Over the last year, the company has made three mid-sized acquisitions in core business areas.
“Together, we believe that these additions to our portfolio will add some 60 million barrels of oil equivalent at a cost of less than US$2 per barrel,” said John.
The company said it will continue to seek acquisitions and to focus on high-impact exploration opportunities which have the potential to add at least one stage to the company’s share price on success..
On its 2007 exploration campaign, it said the Masimpur-3 well in India is drilling ahead, while drilling on the Anne well in Pakistan is expected to start in June.