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PREMIER OIL WINS FOUR LICENSES IN THE SAHARAWI ARAB DEMOCRATIC REPUBLIC
Friday, March 17, 2006
Premier Oil has been awarded of four licenses by the Government of the
Saharawi Arab Democratic Republic ('SADR') in North West Africa.
The four blocks are Daora, Haouza, Mahbes and Mijek. Each block is
equivalent in size to 2 North Sea quads (68 blocks). Premier Oil will hold
50% equity in each block, and is a non-operator.
The agreements entered into conform to oil industry standards, are
comparable with those utilized in adjacent offshore territories and
importantly follow accepted International legal principles and UN
guidelines with respect to non-self governing territories.
The SADR is a full member of the African Union and is classed as a
non-self governing territory by the UN, reflecting the fact that a
referendum on self-determination following decolonisation has not yet
occurred.
Simon Lockett, Premier's Chief Executive, commented:
"The award of this highly prospective acreage in an emerging hydrocarbon
province adds to Premier's portfolio of long-term opportunities in a core
area. The acreage lies to the north of Mauritania, where the Chinguetti
field came on stream last month, and to the south of the Canary Islands
where exploration is ongoing for Repsol and Woodside. Premier is pleased
to be working with the Government of the SADR."
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http://www.rigzone.com/news/article.asp?a_id=30396
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