Premier sells stakes in four North Sea fields

Offshore staff

LONDON – Premier Oil has completed two asset transactions in the North Sea with a combined cash consideration of $147.5 million.

Hungary’s MOL Group has purchased Premier’s interests in the producing Scott, Telford, and Rochelle fields in the UK central North Sea for $130 million. It has also assumed associated liabilities for future abandonment costs.

In the central Norwegian North Sea, Premier has divested its 30% stake in license PL359, which contains the Luno II oil discovery, to operator Lundin Norway for $17.5 million plus working capital adjustments.

Lundin has just received consent from Petroleum Safety Authority Norway to drill an appraisal well 16/4-9 S on Luno II using the semisubmersible Bredford Dolphin. Water depth at the site is 125 m (410 ft).

12/22/2014

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