Premier Announces Execution of Shareholder Agreements for EIIC JV

Premier announced the execution of shareholder agreements with Emirates International Investment Company LLC (“EIIC”) to form two new joint venture companies to pursue the acquisition of upstream oil and gas assets across the Middle East and North Africa region. The new companies will be headquartered in Abu Dhabi.

The first joint venture to be known as PREMCO will be owned 49% by Premier and 51% by EIIC and will hold all joint venture assets which are acquired in the U.A.E. In the event of a change of control of Premier Oil plc, EIIC will have a pre-emptive right to purchase Premier’s 49% of this joint venture at fair market value.

The second joint venture to be known as PREMBV, will be owned 50% by Premier, 50% by EIIC, and will hold all joint venture assets which are acquired in the Middle East and North Africa region (excluding the U.A.E).

At the formation of the joint ventures, there will be no assets or profits attributable to these new entities. Future acquisitions of new assets by each joint venture will be funded by Premier and EIIC in accordance with their relevant percentage holding of that joint venture.

This joint venture partnership will enable Premier to access acquisition opportunities across the Middle East and North Africa region via EIIC’s relationship networks, whilst EIIC will benefit from Premier’s industry expertise and operating capabilities.

• Solo Oil Provides Issue of Equity 
• Maurel & Prom up on Takeover Interest Report 
• Ecuador's New Contracts with Foreign Oil Firms 
• Completion of £25 mn Equity Financing Facility 
• BP Operations in the Eastern Hemisphere 
• Devon Energy Closes Sale of Assets in Gabon 
• TriNorth Capital Earns Interest in Oil & Gas Concessions in Eastern Russia 
• Premier Announces Execution of Shareholder Agreements for EIIC JV 
• Acquisition of Devon Energy’s interests in Angola 
• Acquisition of Devon Energy’s interests in Ghana 

• OPEC Daily Basket Price Stood at $59.05 a Barrel 
• OPEC Daily Basket Price Stood at $59.76 a barrel 
• Safco Profits Hit Sar 2.2 Billion in 2007 
• World Oil Demand - Jan 08 
• Recruitment 
• Sourcing & Procurement 
• Accounting, Statistics 
• Risk Management 
• Investment 
• Asset Portfolio Management 
• Economics/Financial Analysis 
• Project & Resource Management 
• Mergers and Acquisitions 
• Training & Education 
• Acquisitions and Divestitures