Premier Oil Sells NW Gemsa Interest to Sea Dragon

Source: www.gulfoilandgas.com 8/19/2009, Location: Africa

Premier announces the sale of its 10% interest in the NW Gemsa licence, onshore Egypt, to Sea Dragon Energy for the sum of US$12.5 million. The sale is subject to the approval of the Egyptian authorities.

Simon Lockett, Premier’s CEO, commented:
"While Premier continues to evaluate potential opportunities in Egypt and the surrounding countries, our low equity interest in NW Gemsa is not material for the Company and this sale releases internal resources which can now be focused elsewhere."

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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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