Jun. 2012 - Premier has reached a total depth of 4,695 feet (1,431 meters) at the Carnaby exploration well and has encountered oil. Initial analysis indicates that the well encountered 51 feet (15 meters) of net oil in the main Tay sandstone within an estimated 86 feet (26 meters) oil column. A core was taken and confirmed oil in excellent quality sandstones. Pressure data and sampling indicates that the API of the oil is 24 degrees and is of similar quality to that established at the nearby Catcher discoveries. The oil water contact was at the shallower end of expectation; driven by the more complex geology associated with this type of footwall prospect. The well also encountered 51 feet (15 meters) of Cromarty sands but these were shown to be water wet on the logs. The high quality data acquisition from the well will now be used to determine what contribution the Carnaby discovery will make to the overall Catcher development. The well will be plugged and abandoned ahead of the rig moving to drill the high risk Coaster prospect on Block 28/10a, immediately east of the Catcher acreage.

May. 2012 - Premier commenced drilling at the Carnaby exploration well 28/9-5 in the North Sea. The well is being drilled by the Sedco 711 (mid-water semisub) and is being managed by Applied Drilling Technology International. Drilling operations are expected to take about 25 days.