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premier thinks it's going ahead, page-2

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    In Saharawi Arab Democratic Republic (SADR), Premier will acquire 35% of Fusion's rights under a Technical Cooperation Agreement with the government of the SADR in return for the funding of 35% of costs incurred up to any future license award. In each license in which it chooses to participate (to a maximum of three), Premier will fund 70% of the initial exploration costs capped at $3 million and 35% thereafter. The area is virtually unexplored as it is currently under a dispute over sovereignty.

    As part of this transaction, Premier has granted Fusion the right to receive a 5% interest from Premier's 100% interest in Block 2 (the Sinapa block) and in Blocks 4A and 5A (the Esperanca blocks) in Guinea Bissau, these rights to be exercised within 60 days of completion of the drilling of the next well on each block.

    The agreements are subject to routine government and partner approvals.

    Charles Jamieson, CEO of Premier Oil, said: 'This exciting deal with Fusion is a significant advance towards our goal of building a business in West Africa. In Mauritania we look forward to the early development of the Chinguetti and Banda discoveries and the significant exploration potential of these blocks.

    The addition of two more interests in Gabon to our current Dussafu (Phenix) block increases our exposure to the highly prospective shallow water pre-salt play. This deal is an excellent example of Premier's strategy of exposing shareholders to significant added value and upside through commercial dealmaking.'

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