19th Aug 2009 14:00
PREMIER OIL plc
("Premier" or "the Company")
NW Gemsa sale
19th August 2009
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."
Enquiries
Premier Oil plc Tel: 020 7730 1111
Simon Lockett
Tony Durrant
Pelham PR
James Henderson Tel: 020 7337 1501 / 07774 444 163
Gavin Davis Tel: 020 7337 1515 / 07910 104 660
Evgeniy Chuikov Tel: 020 7337 1513 / 07894 608 606
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