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Premier Oil PLC - Receipt of Yetagu

Regulatory News Service

July 2, 2001 Monday 02:03 AM Eastern Time

Premier Oil PLC - Receipt of Yetagun Payment

Premier Oil PLC
2 July 2001
                                PREMIER OIL PLC
                           Receipt of Yetagun Payment

Premier announces that it has received the sum of US$19.3 million from the gas
buyer, PTT of Thailand, in settlement of the "Take or Pay" payment due for
2000 under the Yetagun Field Gas Sales Agreement (GSA).

These payments arise where physical gas deliveries in any calendar year are
less than the contract volume as defined by the GSA. PTT may take the
undelivered gas in future free of charge provided they have already taken the
contract volume for the relevant year.

                                                                    2 July 
Premier Oil plc                         Tel:     020 7730 1111
Charles Jamieson
Mark Akers
College Hill                            Tel:     020 7457 2020
James Henderson

Background For Editors:
Premier Oil plc is a leading independent oil and gas company with interests in
the UK, Indonesia, Myanmar and Pakistan. Premier's strategy is to grow net
asset value through exploiting its established position in Asia gas and
through exploration in selected new areas.