22 Aug 2017 16:20
PREMIER OIL PLC
("Premier")
Potential Sale of Wytch Farm interests
22 August 2017
Premier notes today's media speculation and confirms that it has reached agreement with a third party for the disposal of its entire 33.8% interest in the Wytch Farm field. The proposed consideration is $200 million and Premier will also expect to release letters of credit, amounting to approximately $75 million, held in connection with future field abandonment liabilities. Wytch Farm production to 30 June, net to Premier's pro forma 33.8% interest was 5.0 kboepd.
The transaction is subject to signature of a sale and purchase agreement and to lender approval, a process which is under way. Given the size of the consideration, the transaction is likely to be classified as a Class 1 transaction requiring shareholder consent. A further announcement will be made when appropriate.
Enquiries |
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Premier Oil plc | Tel: 020 7730 1111 |
Tony Durrant, Chief Executive |
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Richard Rose, Finance Director |
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Bell Pottinger | Tel: 020 3772 2570 |
Lorna Cobbett Henry Lerwill |
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