CEO Simon Lockett said, 'After an otherwise successful year with the drill bit it is disappointing that we have not encountered significant hydrocarbons at the Cá Rồng Vang location.

'The well has, however, provided important pressure data which will be key in assessing the discovery we made in June at Cá Rồng Ðỏ. Further seismic and drilling activity is planned on this large unexplored area.

'Together with our scheduled North Sea programme, we expect to drill at least 10 exploration and appraisal wells during 2010.'

In Pakistan, the Kadanwari-19 well operated by ENI has encountered 12m of high-quality net gas pay. The plan is to test the well and complete it as a producer, with first gas planned for April 2010.

Premier has confirmed it has completed the sale of its 10% interest in the NW Gemsa permit in Egypt to Sea Dragon Energy Inc.

The consideration was $14.8m after adjustments for working capital. Premier expects to record a profit on the sale of around $9m.

Story provided by Business Financial Newswire