Premier Oil Sells Luno II Stake to Lundin

UK explorer Premier Oil announced Tuesday that it has sold its 30-percent equity stake in the PL359 license, offshore Norway, to Lundin Norway for a total post-tax consideration of $17.5 million.

The transaction, which is still subject to Norwegian government approval, will result in a profit of approximately $10 million to the company, Premier said.

The PL359 license contains the Luno II discovery. An appraisal well to be drilled on the license is expected to spud this month and the cost of this will be borne by the buyer, according to Premier.

Premier Chief Executive Simon Lockett commented in a company statement:

"We are pleased to be delivering against our promise to monetize non-core assets. We will continue to focus our capital and activities on projects where we are best positioned to add value."



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Post a Comment 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.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  PPL Makes Gas, Condensate Find in Hala... (Sep 3)
 -  Heerema Secures Services Contract for ... (Sep 3)
 -  Premier Oil Comes Up Dry in North Sea ... (Sep 3)
 -  Rosneft, Sinopec Agree on Joint Develo... (Sep 3)
 -  Norshore Atlantic to Commence Work for... (Sep 2)


Most Popular Articles

From the Career Center
Jobs that may interest you
West Coast Account Manager
Expertise: Business Development|Sales & Marketing
Location: Seattle, WA
 
Project Quality Manager
Expertise: Project Management|QA / QC / Inspection
Location: Houston, TX
 
Project Manager - Rigging
Expertise: Project Management
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $50.5/BBL 1.89%
Light Crude Oil : $46.25/BBL 1.84%
Natural Gas : $2.65/MMBtu 1.85%
Updated in last 24 hours