(Alliance News) - Premier Oil PLC on Tuesday announced it has completed the farm down of its interest in the Tuna PSC, offshore Indonesia to JSC Zarubezhneft following Indonesian government approval.
The oil & gas company with operations in countries including Mexico, the UK, Vietnam, and Brazil said it remains the operator of the Tuna PSC licence and owns a 50% interest in it, with Russian oil company Zarubezhneft possessing the remaining stake.
Premier said that under the terms of agreement, Zarubezhneft will carry Premier for its share of a two well campaign to appraise the Tuna discoveries, which was scheduled to begin in the second quarter of 2021.
In addition, Premier said it and Zarubezhneft have secured Indonesian government approval for a one year extension until March 2022 for the exploration period of Tuna PSC.
Premier said its request to commence its restructuring plans were granted by the court on Monday, allowing the company to convene the creditor meetings for the plans, which will be held on February 22.
The restructuring plans are required for the implementation of the all-share merger between Premier and Harbour Energy's UK operating firm Chrysaor, as well as the reorganisation of Premier's existing debt and cross currency swaps.
Shares in Premier Oil were down 1.9% at 18.62 pence in London on Tuesday.
By Zoe Wickens; zoewickens@alliancenews.com
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