Premier Oil Exits Block 07/03 off Vietnam

Premier Oil announced that it has sold 100 percent shares in its wholly owned subsidiary Premier Oil Vietnam South BV, which holds a 30 percent operated interest in Block 07/03 in the Nam Con Son Basin, off Vietnam.

Block 07/03 contains the Ca Rong Do (CRD) oil and gas discovery and the Ca Duc (Silver Sillago) exploration prospect.

The transaction amounts up to $100 million, which includes an immediate cash payment of $45 million. Further payments of up to $20 million will depend on the results of the upcoming CRD-3X appraisal well and a subsequent milestone relating to a potential development. Additional payments of up to $35 million are contingent on success at Ca Duc, and on reaching certain targets in relation to its development.

The CRD-3X appraisal well will spud at the end of July or in early August before the Ocean General semisubmersible moves on to drill the Ca Duc prospect. Premier will continue to provide drilling support during the transfer of this asset but will not participate in the capital cost of the wells.

“We are pleased to be delivering against our commitment given earlier in the year to rationalize our investment portfolio. We will continue to focus our resources on projects where Premier is best positioned to add value,” Simon Lockett, chief executive, said in a company release.

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