Premier Sells Norwegian Licenses to Cairn
UK independent Premier Oil reported Tuesday that it has agreed to sell its 20-percent interest in Norwegian production licenses PL378 and PL378B to Capricorn Norge – a wholly-owned subsidiary of Cairn Energy for $16 million.
PL378 and PL378B are located in the Norwegian North Sea and they contain the Grosbeak discovery as well as potential extension to the Skarfjell discovery, which is located in PL418 to the north.
Premier Chief Executive Simon Lockett commented in a company statement:
"We are pleased to have agreed this sale as part of an ongoing programme of non-core asset disposals. We continue to concentrate our efforts on projects where Premier is best positioned to add value."
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- India Plans Larger Oil Auctions as Modi Pursues Import Cuts (Sep 14)
- Cairn Energy: SNE-5 Appraisal Well Hits Oil, Gas (Mar 07)
- AkerBP, Cairn Energy Make Jefferies Top Pick List (Jan 09)
Company: Premier Oil more info
Operates 1 Offshore Rigs
- European Oil Producers' Weak Hedging Shows Bet on Price Rebound (Jul 31)
- Mexico Oil Privatization Pays Off With Billion-Barrel Find (Jul 12)
- Premier Oil Expects Weak Pound To Help Bottom Line (Jan 12)