Premier Oil

Worldwide Offices Head Office

Premier Oil plc
23 Lower Belgrave Street
London
SW1W 0NR
England
Tel: +44 (0)20 7730 1111
Fax: +44 (0)20 7730 4696
Email: premier@premier-oil.com
Our Registered Office
Premier Oil plc
4th Floor
Saltire Court
20 Castle Terrace
Edinburgh
EH1 2EN

Premier Oil India BV
8th Floor, Le Meridien Commercial Tower
Windsor Place, Raisina Road
New Delhi 110 001
India
Tel: +91 11 2332 1303-07
Premier Oil Natuna Sea BV
The Jakarta Stock Exchange Building
Tower 1, 10th floor – Sudirman Central Business District
Jalan Jendral Sudirman Kav. 52-53
Jakarta 12190
Indonesia
Tel: +62 21 515 1800
Premier-Kufpec Pakistan BV
House No 2
Street No 71
Sector F-8/3
PO Box No. 2438
Islamabad
Pakistan
Tel: + 92 51225 1530
Premier Oil Far East Limited – Singapore Branch
435 Orchard Road
#22-02 Wisma Atria
Singapore 238877
Tel: + 65 6838 0115
Premier Oil Vietnam Offshore BV
7th Floor, Saigon Finance Center
No.9 Dinh Tien Hoang Street
Ward Da Koa, District 1
Ho Chi Minh City
S.R. Vietnam
Tel: +84 8 910 5788
Premier Oil Norge AS
Verven 4
N-4004 Stavanger
Norway
Tel: +47 51 21 31 00

StrategyBusiness Strategy
Targeting growth from four core businesses
Minimum of 4 high impact exploration wells per annum within disciplined spend
Acquisitions focus on core areas
Build on quality prospect inventory for 2007 and beyond

Board Of Directors
Sir David John, became non-executive Chairman on 1 March 1998. He was non-executive Chairman of the BOC Group plc until 18 January 2002 and is currently Chairman of the British Standards Institution and Chairman of Balfour Beatty plc. Sir David is a member of the CBI’s International Advisory Board, and is the Chairman of Premier’s Nomination Committee.

Simon Lockett, Chief Executive Officer from 24 March 2005, joined Premier in 1995 from Shell and has worked in a variety of roles for Premier, including the management of investor relations, as Commercial Manager in Indonesia and as a Country Manager in Albania. He became a member of the Premier Board on 9 December 2003 as Director of Operations. Simon Lockett was appointed Chief Executive Officer with effect from 24 March 2005 and is a member of Premier’s Nomination Committee.

Tony Durrant, joined Premier’s Board in July 2005 as Finance Director. After qualifying as a Chartered Accountant with Arthur Andersen, he joined Lehman Brothers in London in 1986, initially as an oil sector analyst. He joined the investment banking division of Lehman in 1987 and since 1997 has been a managing director and Head of their European Natural Resources Group. In this role, Mr Durrant has managed both client relationships and numerous transactions for a variety of European and North American clients.

Robin Allan, joined Premier from Burmah Oil in 1986 working initially as a geologist. After technical and new venture roles he spent six years in South East Asia initially managing Premier’s Asian existing and new venture business and later becoming Premier’s Country Manager in Indonesia. He became a member of the Premier Board on 9 December 2003 as Director of Business Development.

Neil Hawkings, joined Premier’s Board in March 2006 as Operations Director. Neil joined Premier in May 2005 as General Manager Operations and since then has been a key member of the management team. Prior to joining Premier Neil has had over twenty years international operational and commercial experience with ConocoPhillips in a variety of roles and locations.

John Orange, joined Premier’s Board as a non-executive director in February 1997. He held a variety of senior international management and legal posts during his 30 years with the BP Group. Mr Orange is Premier’s senior independent non-executive director, Chairman of the Remuneration Committee and a member of the Audit and Risk and Nomination Committees.

Scott Dobbie, joined Premier’s Board as a non-executive director in December 2000. He has a career background in stockbroking, as Managing Director of Wood Mackenzie and subsequently Chairman of NatWest Securities. He is currently Chairman of the Securities & Investment Institute, of The Edinburgh Investment Trust plc and of Standard Life European Private Equity Trust. He is also a Commissioner of the Jersey Financial Services Commission. Mr Dobbie is a member of Premier’s Audit and Risk, Remuneration and Nomination Committees.

Ronald Emerson, joined Premier’s Board as a non-executive director in March 2001. He has held a number of senior positions in the banking sector, including senior roles at Bank of America, Nomura Bank and most recently with Standard Chartered Bank where he was Chief Executive of their Malaysia operations before becoming the Group Head of Corporate Banking. Between 1997 and 1998 he was a Senior Advisor to the Bank of England, and between 1998 and 2000 he was a Senior Advisor to the Financial Services Authority. Mr Emerson is Chairman of Premier’s Audit and Risk Committee, and a member of the Remuneration and Nomination Committees.

Professor Dr David Roberts, joined Premier’s Board as a non-executive director in June 2006. He has over thirty years experience in all aspects of exploration worldwide and extensive knowledge of deepwater areas, sedimentary basins, stratigraphy and prospect assessment. He spent 22 years with BP in a number of technical roles and was appointed BP’s global exploration adviser in 1995 a post he held until 2000, when he was appointed BP’s Distinguished Exploration Adviser.

Our HistoryToday, Premier is focussed on four core Businesses in the North Sea, Africa, Middle East/Pakistan, and Asia. Premier is independent, has a strong balance sheet, and is seeking to grow through organic production growth, high impact exploration, and acquistions in the areas we know well. Premier has come a long way since its early days.
Early days
Premier Oil started life as the Carribean Oil Company, which was registered in the UK in 1934 to pursue oil and gas exploration and production activities in Trinidad. Two years later, it was publicly floated as Premier (Trinidad) Oilfields. For the next two decades, the company concentrated its attention on oil production in Trinidad.
UK
Having acquired its first interest in the North Sea in 1971, Premier gradually expanded its presence on the UK continental shelf, merging with the Ball and Collins North Sea Consortium in 1977 to gain significant interests in the North Sea as well as properties in Sudan and West Africa.
In 1984, the company took a 12½% stake in the onshore oilfield at Wytch Farm in Dorset. This acquisition transformed the company’s reserve base and cashflow and, even today, continues to make an important contribution to Premier’s revenues, thanks to large scale expansions which have only become technically feasible with modern technology.
Exploration success
In the late 1980s and early 1990s, Premier enjoyed a series of exploration successes, notably the discovery of the Qadirpur gas field in Pakistan in 1990, the Fife and Angus fields in the UKCS and the Yetagun gas field in Myanmar in 1992, as well as the offshore extension to Wytch Farm.
UKCS expansion
In 1995, Premier acquired Pict Petroleum. As a consequence, Amerada Hess which had a substantial stake in Pict came to hold 25% of Premier’s enlarged equity. From this point, Premier was participating in numerous North Sea oil and gas fields, including Fife, Fergus, Galahad and Scott.
Looking east
Supported by production revenue from the UKCS, the company turned its attention to the Far East with a view to developing energy resources to serve this region’s rapidly expanding economies.
Pakistan
In 1998, Premier and Shell brought together their exploration and production interests in Pakistan to form a joint venture company, PSP (Premier & Shell Pakistan). In May 2001, Premier announced an asset swap with Shell which dismantled the partnership and, in September 2001, the formation of a new joint venture with KUFPEC.
Indonesia
In 1996, Premier acquired Sumatra Gulf Oil Ltd which gave it a majority interest in the Natuna Sea Block A offshore Indonesia, comprising the Anoa oil field and substantial gas reserves, as well as exploration prospects. It also acquired Discovery Petroleum thereby obtaining an interest in the Kakap license, also in the Natuna Sea, which added oil and gas reserves and provided access to further prospective exploration acreage. In 2002, Premier sold part of its interest in West Natuna (See Restructuring below).
Myanmar
Premier was the original licencee of concessions M13 and M14 when they were awarded in 1990. Shortly afterwards Premier farmed out its interests to Texaco, who became operator, and Nippon Oil of Japan; Premier retained a 30% interest. The Yetagun Field was discovered in 1992 and development began in 1996/7. In late 1997, Texaco sold its entire interest and transferred operatorship to Premier, who at the same time introduced Petronas to the project. Construction of the pipeline and facilities continued through 1998 and 1999. The field started production in May 2000. In 2002, Premier sold its entire interest (See Restructuring below).
Strategic alliance
To consolidate its position as a leading independent production company in the south east Asian energy markets, Premier formed a strategic alliance with the Malaysian oil company Petronas and Amerada Hess in 1999, within which both Petronas and Amerada Hess owned a 25% stake in Premier.
Restructuring
In September 2002, Premier agreed to transfer its entire Myanmar Business to Petronas and part of the Indonesian West Natuna asset to Petronas and Amerada Hess. In consideration for these transfers, Petronas and Amerada Hess cancelled their combined 50% shareholding in Premier and provided $376 million in cash and debt repayment.
Premier Today
Premier is now fully independent and pursuing its strategy of value creation and early realisation of that value through oil & gas exploration and commercial deal-making. The company has no debt, and cash generation from its producing fields is sufficient to fund a material exploration programme for many years to come

Corporate GovernanceThe board of Premier recognises the importance of good governance and the role it plays in encouraging a higher level of corporate performance. The board has adopted and operates within a robust set of governance policies which are designed to enable entrepreneurship and innovation to thrive within a framework of accountability.
The policies that we have adopted at Premier place the interests of our shareholders at the centre of our activities and are designed to enable the board to be accountable for the direction of the company in its central aim of creating long-term shareholder value whilst recognising that we have stakeholders. Good governance practices, which incorporate the principle of conducting our business with integrity and transparency, have the wholehearted support of the board.

Board performance evaluation
The Board and its directors are subject to regular independent appraisal. The aim is to improve both individual contributions and group achievement. The last appraisal was questionnaire-based, and was carried out in 2006. The results of the evaluation were reviewed by the Chairman and discussed by the Board. The results were extremely positive. The main issue raised by the evaluation was the mix of skills and experience needed at non-executive level to assist the company in achieving its goals. The conclusions of the Board formed the basis of the profiles put together by the Nomination Committee for the ongoing task of refreshing the composition of the non-executive Board.
Independence of non-executive directors
We require that all our non-executive directors be free from any relationship with the executive management of the company that could materially interfere with the exercise of their independent judgement. In the Board’s view, all our non-executive directors, including the Chairman, fulfil this requirement. It thus determined all six who served in 2006 to be independent directors.
Mr John Orange was appointed in 1997. This length of service on the Board exceeds the nine years referred to in the Code. The Board considers that the experience and long-term perspective of Mr John Orange on Premier’s business continues to provide a most valuable contribution and that it benefits from his input to the Board’s deliberations. The Board is strongly of the view that the important qualities when considering the issue of independence of non-executive directors are independence of spirit and objectivity of mind. The Board therefore regards Mr Orange as an independent director.

Working for Premier

We aim to create a working culture defined by our core values. A key part of our strategy is to attract and retain outstanding individuals into Premier who share these values and who thrive on responding to the challenges we face.
Premier people…
Work smart – they take the initiative to find creative solutions to problems.They thrive on fresh challenges and new ideas.
Don’t give up – they have the determination to succeed and to overcome obstacles.
Thrive in a dynamic environment where the aim is to outpace the competition and turn opportunities to our advantage.
Behave professionally at all times, demonstrating commercial acumen, technical expertise and pride in doing the job to a high standard.
Understand that long-term relationships founded on respect and trust are vital to our success.
If you are interested in working for us, please send your CV to premier@premier-oil.com
We have recently become aware that a number of job offers purporting to come from Premier have been made via email. These offers request the potential employee to provide personal details such as bank account and passport numbers.
The individuals responsible for these offers have no connection with Premier. Premier will only make a job offer following a formal interview with the candidate.
We urge anyone who has received a job offer via email not to divulge any personal details and to contact our London HR department if they are in any doubt.
June 2006
Courtesy: premieroil.com

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