Premier Oil Acquires Further 25% In Block 12W, Vietnam
July 20 2009 - 8:08AM
Dow Jones News
Premier Oil (PMO.LN), an oil and gas explorer, announced Monday
that it has signed a sale and purchase, or SPA, agreement and
completed the acquisition from Delek Energy Systems Ltd of Delek
Energy (Vietnam) LLC, the holding company for its 25% interest in
Block 12W in the Nam Con Son Basin, offshore Vietnam.
MAIN FACTS:
-The purchase price for the interest is $72 million in cash,
before adjustments, with an effective date of 31st March.
-Premier is the Operator of the Block, and is progressing the
development of the Chim Sao field, containing 50 million barrels of
oil equivalent and gas, which is forecast to come onstream at a
rate of 25,000 barrels of oil per day in late 2010 or early
2011.
-The block also contains the Dua oil and gas discovery.
-This will be funded from the Company's existing cash and
undrawn facilities.
-The SPA also provides for future payments of up to a total of
$10 million contingent on the development of fields in Block 12W
other than Chim Sao.
-Separately PetroVietnam Exploration and Production (PVEP) has
confirmed that it will exercise its back-in right to acquire a 15%
interest in the PSC.
-Following completion of both Premier's acquisition from Delek
and the PVEP back-in, the interests in Block 12W will be; Premier
53.125% (Operator), Santos 31.875%, PVEP 15.000%.
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com
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