The UK company said Monte Cristo is a 20 million barrels of oil prospect, and will test a prospective trend in the Panaon limestone formation.
Premier recently farmed out of half its interest in Block SC 43 in the Ragay Gulf to Pearl Energy and Philippines National Oil Company in return for a full carry on the Monte Cristo well.
Premier now owns a 21% interest in SC 43 with Pearl and PNOC sharing the rest.
