Premier Oil PLC Sale of Norwegian business (7564F)
November 16 2015 - 2:00AM
UK Regulatory
TIDMPMO
RNS Number : 7564F
Premier Oil PLC
16 November 2015
PREMIER OIL PLC
("Premier")
Sale of Norwegian business
16 November 2015
Premier is pleased to announce that it has agreed to sell
Premier Oil Norge AS ("PONAS") which comprises all its Norwegian
assets, to Det norske oljeselskap ASA ("Det norske") for a cash
consideration of $120 million. The proceeds will be used to pay
down the Company's debt and represents another step in Premier's
previously stated programme of portfolio management. The
transaction is subject to the receipt of government approval and is
expected to complete by year-end.
Tony Durrant, Chief Executive, commented:
"We are pleased to have reached agreement to sell our Norwegian
business to Det norske, one of our long term partners in Norway.
Our team in Norway has done an excellent job in bringing the Vette
project close to a sanction decision in a low oil price
environment. The transaction will realise immediate value from the
project as part of our strategy of active management of our
portfolio."
Enquiries
Premier Oil plc Tel: 0207 730 1111
Tony Durrant, CEO
Richard Rose, Finance
Director
Bell Pottinger Tel: 0203 772 2500
Gavin Davis
Henry Lerwill
Notes to editors:
PONAS comprises the Premier-operated Vette development and
adjacent Mackerel and Herring discoveries (50% interest), a
non-operated interest in the Frøy field (50% interest) and seven
exploration licences.
As at 30 June 2015 PONAS had net assets of $146.3 million
(comprising gross assets of $189.9 million and liabilities of $43.6
million). For the year ended 31 December 2014 it generated an
operating loss of $17.4 million.
Premier has been operating in Norway since 2005 and has realised
value through previous disposals of the Grosbeak, Blåbaer and Luno
II discoveries which have resulted in combined proceeds of $33.5
million.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCUVAURVOAAAAA
(END) Dow Jones Newswires
November 16, 2015 02:00 ET (07:00 GMT)
Harbour Energy (LSE:HBR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Harbour Energy (LSE:HBR)
Historical Stock Chart
From Apr 2023 to Apr 2024