OK. My problem was that somehow the base DV Video Encoder/Decoder was not registered. Somehow my registry was overwritten and buggered.
The solution, for me, was to download a utility called GSpot (https://www.headbands.com/gspot) to identify the un-registered codec.
In my case it was the DV Video Decoder and DV Video Encoder. Figuring out which dll this referred to was problematic but having a colleague run GSpot on his system gave me a clue since it identified the file associated with the codec. In this case qdv.dll.
Then I went to the Start menu and selected Run then typed “regsvr32 qdv.dll”.
Immediately Premiere recognized the capture device and problem solved.