2007 AGM Presentation 18th May 2007

18th May 2007

Highlights

• Dua and Blackbird in Vietnam; Lembu Peteng, Macan Tutul and Lukah in Indonesia

• Current drilling in India

• Operated drilling successes in Indonesia & Vietnam

• Signed MOU for gas sales in North Sumatra

• Significant progress on West Natuna gas• Resolution of partner issues on Ratna• Initiated sale process for Mauritania

• 25% increase in reserves and resources

• Tangible progress towards our medium term target of 50,000 boepd

• Further definition on development projects across all regions

• 3 acquisitions adding low cost barrels

• 270 bcf net certified gas in North Sumatra Block A

• Adding 5,000 bopd UK Scott production• New opportunities with Middle East JV

• Real progress in commercial discussions

18th May 2007

Financial highlights

• Profit after tax

• Operating cashflow

• Operating costs

• Balance sheet

Up 75% to $67.6 million (2005 - $38.6 million)

Up 102% to $244.8 million (2005 - $121.2 million)

Net cash of $40.9 million (2005 – net debt of $26.2 million)

Stable at $6.0 per barrel (2005 - $5.9 per barrel)

18th May 2007

Corporate Strategy• Deliver value through a growth focused

independent upstream E&P business• Production growth through

development projects• Focused high impact exploration• Pursuit of acquisitions which are

complementary to existing assets and knowledge base

Medium Term Targets• Targeting production growth to

50,000 bopd• 4 high impact wells per annum within

disciplined spend

Corporate strategy

18th May 2007

Share price performance

Premier Oil share price performance over 5 years

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May-02 May-03 May-04 May-05 May-06 May-07

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18th May 2007

Look ahead

• Progress development sanctions

• High impact exploration in India and Pakistan

• Focus exploration efforts on 2008/9; Vietnam, Congo and Norway

• Complementary acquisitions to existing Businesses

18th May 2007

Resolution 1

96,025512,561843,384,3321,267

0.03%99.97%

VotesHoldersVoting

VotesHoldersVoting

VotesHoldersVoting

Votes WithheldAgainstFor

Approval of the Report of Directors, the Auditors’ Report, and the accounts of the Company for the year ended 31

December 2006

18th May 2007

Resolution 2

4,283,719425,744,82310633,464,3761,141

14.65%85.35%

VotesHoldersVoting

VotesHoldersVoting

VotesHoldersVoting

Votes WithheldAgainstFor

Approval of the Directors’ Remuneration Report for the year ended 31 December 2006

18th May 2007

Resolution 3

9,8711831,5173643,451,5301,225

0.07%99.92%

VotesHoldersVoting

VotesHoldersVoting

VotesHoldersVoting

Votes WithheldAgainstFor

Election of Professor David Roberts as a Director

18th May 2007

Resolution 4

8,9742043,3014643,440,6431,213

0.10%99.90%

VotesHoldersVoting

VotesHoldersVoting

VotesHoldersVoting

Votes WithheldAgainstFor

Re-election of Sir David John as a Director

18th May 2007

Resolution 5

573,143351,151,5995341,768,1761,201

2.68%97.32%

VotesHoldersVoting

VotesHoldersVoting

VotesHoldersVoting

Votes WithheldAgainstFor

Re-election of Mr John Orange as a Director

18th May 2007

Resolution 6

8,72321228,7155743,255,4801,202

0.53%99.47%

VotesHoldersVoting

VotesHoldersVoting

VotesHoldersVoting

Votes WithheldAgainstFor

Re-election of Mr Scott Dobbie as a Director

18th May 2007

Resolution 7

10,76818202,5443043,279,6061,231

0.47%99.53%

VotesHoldersVoting

VotesHoldersVoting

VotesHoldersVoting

Votes WithheldAgainstFor

Re-election of Mr Simon Lockett as a Director

18th May 2007

Resolution 8

6,138,501221,242,4604236,111,9571,222

3.33%96.67%

VotesHoldersVoting

VotesHoldersVoting

VotesHoldersVoting

Votes WithheldAgainstFor

Reappointment of Deloitte & Touche LLP as auditors

18th May 2007

Resolution 9

42,3665957,90610643,392,6461,115

0.13%99.87%

VotesHoldersVoting

VotesHoldersVoting

VotesHoldersVoting

Votes WithheldAgainstFor

Authorisation for the company to communicate with its shareholders by website, e-mail, or other electronic

means

18th May 2007

Resolution 10

19,74933344,3857443,128,7841,176

0.79%99.20%

VotesHoldersVoting

VotesHoldersVoting

VotesHoldersVoting

Votes WithheldAgainstFor

Authority to issue a limited number of shares in the Company per s80 Companies Act 1985

18th May 2007

Resolution 11

15,6303664,3118743,412,9771,157

0.15%99.85%

VotesHoldersVoting

VotesHoldersVoting

VotesHoldersVoting

Votes WithheldAgainstFor

Authority to allot capital for cash per s95 Companies Act 1985

18th May 2007

Resolution 12

70,47318681,3025742,741,1431,205

1.57%98.43%

VotesHoldersVoting

VotesHoldersVoting

VotesHoldersVoting

Votes WithheldAgainstFor

Authority to purchase own shares

18th May 2007www.premier-oil.com 18th May 2007