Premier Oil reports 2010 annual results; Reserve Replacement Ratio up 138% over 2009; Plan to achieve 2012 production of 75 kboepd through developments in Asia, North Sea and Middle East-Pakistan

Premier oil’s 2010 average working interest production was 42.8 kboepd, down 3% over 2009. This was due to unplanned maintenance requirements on UK North Sea fields in the Balmoral, Scott and Wytch Farm areas and due to some flooding-related downtime at the Zamzama field in Pakistan. In 2010, Premier achieved 57% success rate in exploration and appraisal well activities.

- Premier revealed 2011 capital program of approximately US$ 850 million to achieve production in the range of 45-50 kboepd. The company plan to achieve production rate of 75 kboepd in 2012 from existing 2P reserves of 261 mmboe and through exploration by focusing on core geologies.

- In Indonesia, Premier plan to develop the full potential of Natuna Sea and  Block A Aceh gas positions.
- In Vietnam, the company is working on Dua and Cá Rồng Đỏ (CRD) accumulations as well as by undertaking new exploration activities.

- In North Sea and West Africa, Premier is pursuing actively  new assets that are capable of delivering near-term production

- In Middle East-Pakistan business unit, Premier continues to focus on enhancing the value of our Pakistan producing assets by maximising production through exploration and development within the existing fields.

- Exploration drilling in 2011.

Apache reported 2010 annual results; Production up 13% over 2009; Projected annual growth rate of 13%-15% in 2011

Apache reported annual average production of nearly 658,000 boepd, up 13% from the last year. Liquids production increased 18%, and this, combined with higher oil prices, drove Apache to record earnings of $3.0 billion for 2010. The company added 827 MMboe or 344% of production, through discoveries, extensions and acquisitions. Approximately 245 MMboe, or 102% of 2010 production, in reserve additions came through drilling.

2010 Highlights:

-- 125% reserve growth, replacing 344% of production; 102% through drilling; Record annual production for North America and international

-- Van Gogh and Pyrenees, two oil fields offshore Western Australia, commenced production in February 2010, reaching payout by October and December, respectively

-- Established new regions in the deepwater Gulf of Mexico, Gulf Onshore and Permian Basin, and expanded in Egypt, Canada, and the Gulf of Mexico Shelf.

-- Plan to invest $7.5 billion for 2011 annual year

MOL Hungarian Oil and Gas Plc (MOL) reported 2010 annual results; Production up 33% over 2009; Plan to focus on field development in Syria, Pakistan, Russia, Hungary and Croatia for 2011-2013

In FY 2010, MOL’s average total hydrocarbon production was 143,500 boepd, Crude oil production up 13%, gas production up 49% over 2009. This is due to result of recent years’ major developments turning into production in Syria, Pakistan and the Adriatic offshore area while keeping onshore production at a stable level with enhanced and intensified oil and gas recovery technologies.

Keypoints:

--Production activities in 7 countries

-- Exploration activities in 12 countries

-- $1.7 billion CAPEX for 2011