Premier Oil said the company and partners had been awarded an exploration licence off the coast of Indonesia.
The Andaman II licence is located in the under-explored but proven North Sumatra basin offshore Aceh.
Premier said it had identified numerous prospects and leads and planned to acquire 3D seismic in an initial three-year term.
'This award is in line with Premier's strategy of targeting low commitment high impact exploration in proven hydrocarbon provinces and has the potential to deliver significant organic growth opportunities for our existing Indonesian business in the longer term,' chief executive Tony Durrant said.
At 9:27am: (LON:PMO) Premier Oil PLC share price was +1.63p at 83.28p