17 Jun 2014 07:00
PREMIER OIL PLC
("Premier")
Sale of interest in PL359, Norway
17 June 2014
Premier is pleased to announce that it has sold its 30 per cent equity stake in licence PL359 to Lundin Norway AS for a total after tax consideration of $17.5 million, subject to Norwegian government approval. The transaction will result in a profit of approximately $10 million net to Premier.
Licence PL359, located offshore Norway, contains the Luno II discovery. An appraisal well to be drilled on the licence is expected to spud in June, the cost of which will be borne by the buyer.
Simon Lockett, Chief Executive, commented:
"We are pleased to be delivering against our promise to monetise non-core assets. We will continue to focus our capital and activities on projects where we are best positioned to add value."
Enquiries | |
Premier Oil plc | Tel: 020 7730 1111 |
Simon Lockett, CEO | |
Tony Durrant, Finance Director | |
Bell Pottinger | Tel: 020 7861 3232 |
Gavin Davis | |
Henry Lerwill Charlie Stewart |