Premier Oil released a Trading and Operations Update on January...

Premier Oil released a Trading and Operations Update on January 14th.

It is reveiew of the whole range of the company's operations from the North Sea to S.E.Asia.

The comment in the update of most relevance to PPP shareholders is this cryptic paragraph:

"South East Asia
Data from the C Rong Vang well on the eastern side of Block 07/03 will be integrated with the 2009 3D seismic interpretation before drilling on that part of the block. Further 3D seismic across the central area of the block is now proposed and a return to drilling on the block is now anticipated in 2011."

So whereas previously there had been an indication of a third well to be drilled in Block 07/03 during the second quarter that has now been shelved.

That looks as though it is to replaced by a 3D seismic survey over the central area of Block 07/03. That will then lead to a fairly long assessment period of interpreting the info from that survey and I would presume comparing to the 3D seismic info they have over the Ca Rong Do and Ca Rong Vang area.

So we will not have any action in that Block of any substance now for over a year judging from those comments.