Premier Oil PLC (PMO.LN), an oil and gas exploration, development and production company, said Tuesday it has reached agreement with Serica Energy PLC (SQZ.V) to farm-in to a 50% equity interest and assume operatorship of Block 22/19c in the U.K. Central North Sea.

MAIN FACTS:

-Block 22/19c contains the Oates and Bowers Palaeocene prospects.

-Co. estimates the gross unrisked resource range of Oates prospect as 25 mmboe to 107 mmboe with a mean of 65 mmboe.

-Prospect considered to be moderate to low risk.

-Follow up potential exists in Bowers prospect, with 10 mmboe to 65 mmboe gross resource range.

-Exploration well on Oates prospect, to be funded by Premier, will be drilled late in the second or early in the third quarter of 2010.

 
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com
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