2009-08-19-2007-11-01-2007-11-01

Terminated talks for interests in Chinguetti field (8.23%), PSC B (9.23%) containing Tiof, Tevet discoveries, and PSC A (4.62%) containing Banda discovery.

Premier Oil, London, (London: PMO) has terminated negotiations with an undisclosed buyer of assets in Mauritania. The interests are in the producing Chinguetti field (8.23%), PSC B (9.23%) containing the Tiof and Tevet discoveries, and PSC A (4.62%) containing the Banda discovery. Petronas Australia Pty Ltd., Sydney, is operator. Premier's chief executive Simon Lockett says, "We have decided to terminate the disposal process as we consider the offers received do not fully reflect the value of Premier's Mauritanian interests and, at continuing strong commodity prices, we can generate better value for shareholders by retaining these assets. To this end we look forward to working with the new operator Petronas to fully exploit the significant potential in Mauritania."