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."

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