On Friday 27 March 2015, we will begin to integrate OilCareers with Rigzone. We do not anticipate any site downtime however, please be advised that you may experience a slower response than usual during this time. We apologise for any inconvenience caused.

Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

Premier Oil Sells Luno II Stake to Lundin

change text size

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

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Aker Appoints New Business Heads (Mar 27)
 -  OGDCL Discovers Oil at Palli Deep-1 We... (Mar 26)
 -  Swiber Lands $405.6M Contracts, Includ... (Mar 26)
 -  Genel Raises Debt to Fund Kurdistan St... (Mar 26)
 -  Alam Maritim's JV Deepsea to Acquire O... (Mar 25)
Most Popular Articles
From the Career Center
Jobs that may interest you
District Manager-NE NM/SE CO Area
Expertise: Executive|Operations Management|Sales & Marketing
Location: NE NM/SE CO, NM
 
HR Domain Business Process Analyst
Expertise: Human Resources|IT - SAP / ERP|Process Management
Location: Houston, TX
 
Director of Business Development - Flow Measurement - Metering
Expertise: Business Development|Sales & Marketing
Location: Houston, TX
 
search for more jobs