Premier Oil to Operate Bluebell Prospect Offshore UK

Canadian Overseas Petroleum Limited announces that drilling activities have begun in the Bluebell exploration prospect that spans Blocks 15/24c and 15/25f in the UK Central North Sea.

Premier Oil plc is the operator of the block and is using the Sedco 704 semi-submersible drilling vessel for the well. COPL has a farm-in agreement whereby it will pay 66.67% of the costs to drill one Paleocene Forties well to earn a 40% equity interest. The well is expected to take approximately 30 days to drill.

About the Company

COPL is an oil and gas exploration company focused in the UK North Sea, and the offshore West African continental margin. COPL’s Common Shares are listed under the symbol “XOP” on the TSX Venture Exchange.

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Offshore Wind Staff, February  28, 2012