Premier Oil sells non-operated North Sea assets to MOL Group

6/30/2014

Premier Oil sells non-operated North Sea assets to MOL Group

LONDON -- Premier Oil has sold its non-operated interests in the producing Scott, Telford and Rochelle fields to MOL Group for a cash consideration of $130 million. MOL will assume the liabilities for future abandonment costs. Year to date production from Scott, Telford and Rochelle has averaged approximately 3.7 kboepd net to Premier.

The transaction, which comprises six UK North Sea licenses, has an effective date of January 1, 2014, and is subject to certain pre-emption rights. Completion is subject to receipt of government approval.

Tony Durrant, CEO, commented, “Our ownership of this package of non-operated assets in the Scott area has generated significant cash flow for the group since acquisition. However, this sale will allow our team in the UK North Sea to focus principally on our operated Solan and Catcher developments, and is a further step towards achieving our targeted disposals for the year.”

Premier’s equity in the Scott, Telford and Rochelle fields is 21.8%, 1.6% and 15%, respectively.

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