Premier has reached agreement with Delek Energy Systems to acquire a 75% interest in the PSC covering blocks 12E and 12W in the Nam Con Son Basin, offshore Vietnam, located about 400 kilometres south east of Ho Chi Minh City.”

The company said the blocks are close to the boundary line with Indonesia and have very similar geology to the West Natuna Sea area, approximately 300 kilometres to the south-west, where Premier is operator of part of the West Natuna Gas Project delivering gas to Singapore.

The blocks, comprise 6,887 square kilometres and contain oil and gas discoveries in the Dua and Swan fields, which have been partly apprised, as well as the Canary and Lark discoveries.

Premier has also signed an agreement with VAMEX, over blocks 7&8/97 which will see Premier earning from 45%-67.5% equity in the block. It does so by firstly funding seismic acquisition and interpretation studies and then funding the following drilling program.

Blocks 7&8/97 are located at the southern margin of the Nam Con Son Basin, cover 4,918 square kilometres, and lie on a trend of oil and gas discoveries directly south of BP's producing gas fields.”