Development and Opportunities acrossVietnam and the Nam Con Son Basin 22 June 2010

June 2010 | Page 1

Forward looking statements

This presentation may contain forward-looking statements and information that both represents management's current expectations or beliefs concerning future events and are subject to known and unknown risks and uncertainties.

A number of factors could cause actual results, performance or events to differ materially from those expressed or implied by

these forward-looking statements.

June 2010 | Page 2

• Capital Hanoi (Largest city Ho Chi Minh City)

• Official language - Vietnamese

• Government Socialist republic, Single-partycommunist state

– President Nguyễn Minh Triết– Prime Minister Nguyễn Tấn Dũng

• Area: 331,690 km2

• Population: April 1, 2009 census 85,789,573

• GDP (PPP) 2009 estimate GDP (nominal) 2009 estimate– Total $256.584 billion – Total $92.439 billion– Per capita $2,942 – Per capita $1,060

• Currency đồng (₫) (VND)

Vietnam at a glance

June 2010 | Page 3

Premier Oil in Vietnam

Complete Develop-

ment Drilling2012

Chim Sáo First Oil

FPSO to arrive at

Chim Sáo2011

3D Seismic Block 07/03

Install Chim Sáo

Topsides

3D seismic 104-109/05

Start Develop-

ment Drilling

Install Chim Sáo Jacket2010

End of 12W exploration

periodDrilled CRV

PVNapproved

EOCP FPSO

Completed CRD

appraisal 3D

Purchased Delek 12W (53.125%)

CRD discovery on Block 07/03

PPP enter 07/03 retain

30%

PVN HSE & Performance

Award2009

Commenced Chim Sao

EPCI

PVN approved Chim Sáo

FDP

Follow up 12W

exploration wells

Successful Chim Sáoappraisal

Awarded 50% Block 104-109/05

PVN Performance

Award2008

07/03 out of Force

Majeure

Became Operator of

07/03

Acquired Chim Sáo 3D seismic

Delineation sidetrack of Chim Sáo

2007

Exercised 07/03 option

(45%)

Drilled Chim Sáo

Discovery

Drilled Dua 5-X

Discovery

Block 12 exploration 2D seismic

Drilled Dua 4-X

Discovery

Santos entered 12W retain 37.5%

2006

Acquired Dua 3D2005

Acquired 2D data in 07/03

Awarded 75% Blocks 12E & 12W

Established Office in HCMC

Farmed in to VAMEX

07/03 option2004

DNOSAJJMAMFJ

DevelopmentDrillingSeismicTransactions

June 2010 | Page 4

Organisation - POVO management team

Peter HendersonDevelopment Manager

Peter HendersonDevelopment Manager

Charles DunneDrilling ManagerCharles Dunne

Drilling Manager

Alexis Van LennepExploration ManagerAlexis Van Lennep

Exploration Manager

Jamie BassettCommercial Manager

Jamie BassettCommercial Manager

Philip TurnerFinance & Adm Manager

Philip TurnerFinance & Adm Manager

Quyen, Dao NhatHSE Manager

Quyen, Dao NhatHSE Manager

Andrew BealLegal and risk advisor

Andrew BealLegal and risk advisor

Chinh, Tran DiemOffice Manager

Chinh, Tran DiemOffice Manager

Sean MiddletonProject ManagerSean MiddletonProject Manager

Phil MacLaurinCountry ManagerPhil MacLaurin

Country Manager

Khanh, Tranh Thi VanHR Manager

Khanh, Tranh Thi VanHR Manager

June 2010 | Page 5

HSES

June 2010 | Page 6

HSES

20020HIPO Incident

Near Miss

Prop. Damage

FAC / MTC

Env. Incidents

RWDC

LTI

External Hours

Internal Hours

Total Hours

0

0

0

0

0

0

0

6,976

6,976

Exploration

7007

1001

0000

2002

2101

0

0

27,252

27,252

Office

0

0

12,552

12,552

Drilling

00

1,027,3301,027,330

82,70435,424

1,110,0341,062,330

Vietnam BUDevelopment

June 2010 | Page 7

International HSES certification

June 2010 | Page 8

HSES

2009 PVN HSE Award for Chim Sao Project 2008 PVN HSE Award for Drilling & Logistics

June 2010 | Page 9

Exploration

June 2010 | Page 10

Block 104-109/05 – Song Hong Basin

Block 104-109/05Larger than 1 UK

Quad in the North Sea

Block 104-109/05Larger than 1 UK

Quad in the North Sea

1 UK Quad

June 2010 | Page 11

Natuna Sea Block A to Nam Con Son Block 12W

LearningsLearnings

12W

07/03

Tuna

Nam Con Son Basin /East Natuna Sea

Natuna Sea Block A

Chim Sao Development

Dua Discovery

June 2010 | Page 12

Dua & Chim Sao to Block 07 – Extending a new play

Cá Rồng ĐỏDiscovery

Cá Rồng ĐỏDiscovery

Dua DevelopmentDua Development

Chim SaoDevelopment

Chim SaoDevelopment

June 2010 | Page 13

Indonesia – Tuna PSC - Gajah Laut Utara 1

Top Arang DepthC.I.=100 metres

2500m

2 Km

Gajah Laut UtaraPTD 4250m MD (3550m TVD)

PRIMARYTARGET

W E

SECONDARYTARGET

PTD

June 2010 | Page 14

Indonesia – Tuna PSC - Belut Laut 1

PRIMARYTARGET

Belut LautPTD 4300m MD (3870m TVD)

2 Km

NE SW

PRIMARYTARGET

SECONDARYTARGET

PTD

Top Arang DepthC.I.=100 metres

2500m

June 2010 | Page 15

Block 07/03 – Further exploration potential

June 2010 | Page 16

Development

June 2010 | Page 17

Chim Sao – Revised scope / lower cost

PROPOSED CHIM SAO WHP FIELD LAYOUTORIGINAL POVO BLOCK 12W FIELD LAYOUT

June 2010 | Page 18

Project on schedule

FPSO Installationand Commissioning

F M A

Q2

M AS O

Q4

N D J

Q1

2012

A

Q2

M J J

Q3

A

Drilling

FPSO Conversion

Chim SaoField Installations

Topsides Fabrication& Installation

Jacket Fabrication& Installation

MFJDNOSAJJMAMFJDNOSAJJMA

Q1Q4Q3Q2Q1Q4Q3Q2

201120102009

First Oil1st July 2011

June 2010 | Page 19

Jacket completion, load out and installation

June 2010 | Page 20

Jacket in transit

June 2010 | Page 21

Jacket being installed by Castoro-8

June 2010 | Page 22

Jacket installation complete –9 days ahead of schedule

June 2010 | Page 23

Topsides complete, ready for load-out

June 2010 | Page 24

FPSO – on schedule for mid-2011 first oil production

June 2010 | Page 25

Reservoir – detailed planning

June 2010 | Page 26

Dua – potential addition to Block 12W development

June 2010 | Page 27

Drilling

June 2010 | Page 28

Two year drilling program contracted to Ensco

June 2010 | Page 29

Chim Sao long reach wells – industry experience

0

Worldwide ERD experience envelope

2500

3000

4500

50000

4000

3500

2000

1500

1000

Measured depth (m)

True

ver

tical

dep

th (m

)

2000 6000 8000 10000 12000 140004000

500

June 2010 | Page 30

Drilling environment and well design

June 2010 | Page 31

Completion design – production well

1 1

2

2

June 2010 | Page 32www.premier-oil.com June 2010