Premier Oil to Sell its Interest in Wytch Farm Oil Field

Source: www.gulfoilandgas.com 8/22/2017, Location: Europe

Premier notes today’s media speculation and confirms 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 $200 million and Premier will also expect to release letters of credit, amounting to approximately $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 kboepd.

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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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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