Premier Oil: potential sale of Wytch Farm interests
Published by David Bizley,
Senior Editor
Oilfield Technology,
Premier Oil has confirmed media speculation that it has reached agreement with a third party for the disposal of its entire 33.8% interest in the Wytch Farm field.
The proposed consideration is US$200 million and Premier will also expect to release letters of credit, amounting to approximately US$75 million, held in connection with future field abandonment liabilities. Wytch Farm production to 30 June, net to Premier’s pro forma 33.8% interest was 5.0 kboe/d.
The transaction is subject to signature of a sale and purchase agreement and to lender approval, a process which is under way. Given the size of the consideration, the transaction is likely to be classified as a Class 1 transaction requiring shareholder consent. A further announcement will be made when appropriate.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/23082017/premier-oil-potential-sale-of-wytch-farm-interests/
You might also like
Norton Rose Fulbright expands Middle East and Africa energy offering with new partner hire
Global law firm Norton Rose Fulbright has strengthened its Middle East and Africa energy, infrastructure and natural resources offering with the appointment of Remy Lerner, who will join the firm’s Dubai office following a short transitional period in Paris.