18th May 2007 07:01
Premier Oil PLC18 May 2007 PREMIER OIL PLC ("Premier" or "the Company") Completion of Scott acquisition UK Premier is pleased to announce the successful completion of the purchase of anadditional 20.05 per cent interest in the Scott field from Hess, following thepayment of $52.6 million in net consideration. In December, the company received notification of Hess' intention to sell its20.05 per cent interest in the Scott field to Nexen Petroleum UK. Premierexercised its right to pre-emption under the terms of its licence interests inScott. Following completion of the transaction, Premier's net working interest in theScott field is now 21.83 per cent. Simon Lockett, Premier's Chief Executive, commented: "We are pleased to have completed our acquisition of an additional interest inthe Scott field. This acquisition adds approximately 5,000 barrels of oil perday to our current production, at a cost of around $5 per barrel of 2P reserves.We continue to pursue acquisitions that are complementary to our existingassets and knowledge base." 18 May 2007 ENQUIRIESPremier Oil plc Tel: 020 7730 1111Simon LockettTony Durrant Pelham PRJames Henderson Tel: 020 7743 6673Gavin Davis Tel: 020 7743 6677 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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