Premier cuts deals in North Sea Bream development area

Offshore staff

LONDONPremier Oil has agreed to acquire interests in two Norwegian North Sea licenses from Skeie Energy for up to $27.5 million.

Subject to approval from the Norwegian authorities, Premier will take Skeie’s 20% equity interest in PL407 and 40% in adjacent PL406.

This will lift the company’s stake in the BG-operated Bream project to 40%, and its operated interest in PL406 to 80%. Sanction of the Bream development is expected later this year, with the partners targeting first oil in late 2015.

Det norske oljeselskap has agreed to cut its stake in the 14-MMbbl Jette development in the North Sea to 70%, while Petoro’s stake increases to 30%. Development drilling is under way, with first oil slated for 1Q 2013, peaking at a predicted 14,000 b/d during the first year.

5/30/2012

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