Well even if you work on the PC locally and all of your assets and project saved on the network in one of the network folders it should work just fine. All what you need is to open all permissions to that particular folder, and make sure that al,l of the media cache files on all of the workstation, that accessing the same project, is pointed to the common network folder for media cache. This will speed up process of loading project, because premiere wont have to create another media cache files.
I keep all my media, and audio, and AE templates in the network folders, or in other works on the server. I also created a Media Cache folder as well on the server, so that it will not be recreated locally every time I open the project. All three PCs have access to those folders and any one of them can open the project from the same location, save it back and next morning other pc user can do the same thing, without problems.
You cannot work on the same project at the same time, but surly it can be opened from network location and saved back. However you have in the project an AE sequence and it is in the network, other user can work on it and save back so that will get changes. Also I have my Audition guy doing his cleanups on Audio. All what I do is send it to edit in Audition, and save it in network folder he does the edit and saves it back I will get instant changes in my time line. One in the while premiere take time to update all of that but just reopening project solves that problem.
