16th Nov 2015 07:29
LONDON (Alliance News) - Oil and gas explorer Premier Oil PLC on Monday said it has struck a deal to sell its Norwegian assets to Det Norske Oljeselskap ASA for USD120.0 million in cash.
The FTSE 250-listed company said the proceeds from the sale will be used to pay down debt. It expects the deal to complete by the end of the year.
Det Norske Oljeselskap is a Norwegian oil and gas explorer.
"We are pleased to have reached agreement to sell our Norwegian business to Det Norske, one of our long term partners in Norway. Our team in Norway has done an excellent job in bringing the Vette project close to a sanction decision in a low oil price environment," said Premier Oil Chief Executive Tony Durrant.
"The transaction will realise immediate value from the project as part of our strategy of active management of our portfolio," he added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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