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Premier Oil: potential sale of Wytch Farm interests

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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.

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