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."

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