1st Jul 2014 06:46
LONDON (Alliance News) - Premier Oil PLC Tuesday said it has sold its 100% owned subsidiary Premier Oil Sumatra North BV to KrisEnergy Asia Holdings BV, for an after-tax consideration of USD40 million, plus working capital adjustments.
The FTSE 250-listed oil and gas company said the deal is subject to government approvals and is part of its ongoing strategy to dispose of USD300 million in non-core assets in 2014 so that it can focus on higher return projects.
Premier Oil Sumatra North holds a non-operated 41.67% equity interest in the Block A Aceh site, located onshore North Sumatra in Indonesia. The block includes the Alur Siwah, Alur Rambong, Julu Rayeu, the Kuala Langsa gas field and its recent Matang gas discovery.
In April 2013, the Matang-1 exploration well at the site discovered good quality gas which was tested at flow rates of 25 million standard cubic feet per day.
The news comes a day after Premier Oil sold non-operated interests in the UK North Sea producing Scott, Telford and Rochelle fields to MOL Group for a cash consideration of USD130 million.
The company also said earlier in June that it had sold its 30% stake in the PL359 oil license offshore Norway to Lundin Norway AS for USD17.5 million after tax, and expected the net profit on the deal to be about USD10 million.
By Tom McIvor; [email protected]; @TomMcIvor1
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