Search ABOUT US OPERATIONS CORPORATE RESPONSIBILITY INVESTORS CAREERS MEDIA CENTRE About us Our History CEO Introduction Premier at a Glance Our Values Vision, Strategy and Business Model Group Structure Board of Directors Board Committees Governance Our History Worldwide Offices Our History Premier's story dates back to 1934 where the company was founded as the Caribbean Oil Company, to pursue oil and gas exploration and production activities in Trinidad. After more than eighty years, we continue to focus on creating value through successful exploration, development and production. 2017 Comprehensive debt refinancing Sale of Pakistan business announced 2016 Record production for the Group First oil from the Solan field, West of Shetland Completion of acquisition of E.ON’s UK assets Significant progress and cost savings achieved on Catcher development 2015 First gas from Pelican fields in Indonesia Proposed acquisition of E:ON's UK assets announced Significant exploration success in the Falkland Islands Exploration portfolio increased in Brazil and new entry into Mexico Sale of Norwegian business, Pakistan sales process initiated 2014 Record production for the Group Catcher project sanctioned First oil and gas from Dua in Vietnam and Naga in Indonesia Disposal of producing assets in Scott area, UK North Sea Tony Durrant appointed Chief Executive Officer, having joined Premier in 2005 as Finance Director 2013 Acquisition of additional interest in the Bream field and transfer of operatorship to Premier’ and ‘Disposal of Block 07/03, offshore Vietnam. 2012 Successful acquisition of 60 per cent. of Rockhopper Exploration plc's licence interests in the Falkland Islands Solan Field Development Plan approved by DECC. Acquisition of EnCore Oil. 2011 Acquisition of Wytch Farm assets in the UK. Solan sale & purchase agreement signed. First oil from the Chim Sao field in Vietnam. First gas from the Gajah Baru field into Singapore. 2010 Discovery of Catcher in the UK North Sea. 2009 Acquisition of Oilexco North Sea Limited (Oilexco) in the UK North Sea. Acquisition of Delek Energy Systems Ltd. (Delek), which included an increased interest in the Chim Sáo and Dua oil fields. 2008 Joint venture with Emirates International Investment Company (EIIC) to build a presence in the Middle East and North Africa regions. Signature of second Gas Sale Agreement into Singapore and gas sales to Batam, Indonesia. 2007 Acquisition of additional interest in the Scott field from Hess. 2006 Discovery of Dua/Chim Sáo oil fields in Vietnam. 2005 to date – recent activities In 2005 Premier reorganised into four regional units: Asia, Middle East-Pakistan, North Sea and West Africa. This reorganisation took into account successful entry into a number of new countries including Vietnam, Norway, Mauritania and the Congo. The West Africa regional unit which, at that time, was focused on Mauritania and the Congo, was combined with the North Sea Business Unit in 2008. Premier also set up a joint venture with Emirates International Investment Company (EIIC) in 2008 to build a presence in the Middle East and North Africa regions. The Group's North Sea position was transformed in May 2009 by the acquisition for US$505 mm of Oilexco North Sea Limited (Oilexco), adding a production base, including operatorship capability, and a broader development and exploration portfolio in the UK North Sea. The acquisition also brought over US$1 billion of UK tax allowances. 2009 also saw the acquisition of Delek Energy Systems Ltd. (Delek), which included an increased interest in the Chim Sáo and Dua oil fields. Chim Sáo, discovered by Premier in 2006, came on-stream in the second half of 2011. In 2011, Premier served notice to withdraw from its licence (Marine XI) in the Congo and the company's Africa business was combined with the Middle East-Pakistan unit and, as a result, Premier was re-organized into three regional units: Asia, Middle East/Africa/Pakistan (MEAP) and the North Sea. Also in late 2011, Premier announced the acquisition of Encore, an AIM-listed independent exploration and appraisal company for consideration of £221 million. This transaction completed in 2012 and increased Premier's interest in the UK Catcher area to 50%, providing the company with the operatorship of the Catcher development. In July 2012, Premier announced the farm-in to 60% of Rockhopper's licence interests in the Falkland Islands. This transaction progresses Premier's strategy of growth through investment in high quality development projects and provides a further operated core area for Premier in a new oil prone basin. In 2015, Premier continued to focus the business on its core areas of Indonesia and Vietnam, the United Kingdom and the Falkland Islands, where it believes it has competitive advantage. Non-core assets were disposed of in Norway and through relinquishing exploration acreage in Kenya and Iraq, and the sales process for Pakistan was launched. In addition in late 2015, Premier announced the acquisition of E.ON's UK North Sea assets. The transaction completed and the portfolio was successfully integrated in 2016.The acquisition significantly enhanced our UK business, creating considerable operating, cost and tax synergies within our existing UK business. In 2016 Premier achieved record production, maintained a low operating cost base and completed the highly value adding acquisition of the E.ON portfolio. First oil was achieved from the Solan field and significant progress was made on the Catcher development project. The prolonged period of depressed commodity prices led to Premier entering into discussions with its lending group to undertake a full refinancing of its existing facilities. This comprehensive refinancing was announced in early 2017. In April 2017, Premier announced the sale of its Pakistan business. Premier today is a leading independent exploration and production company with oil and gas interests in the North Sea, South East Asia, Pakistan, the Falkland Islands and Latin America. LATEST REPORT Download our 2016 Annual Report below. Download PDF Download our 2016 CR Report below. 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