Premier Sells NW Gemsa Interest to Sea Dragon
Premier is selling its 10% interest in the NW Gemsa license, onshore Egypt, to Sea Dragon Energy for the sum of US $12.5 million. The sale is subject to the approval of the Egyptian authorities.
Simon Lockett, Premier's CEO, commented, "While Premier continues to evaluate potential opportunities in Egypt and the surrounding countries, our low equity interest in NW Gemsa is not material for the Company and this sale releases internal resources which can now be focused elsewhere."
Operates 3 Offshore Rigs
- European Oil Producers' Weak Hedging Shows Bet on Price Rebound (Jul 31)
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- Premier Oil Expects Weak Pound To Help Bottom Line (Jan 12)
Company: Sea Dragon Energy more info
- Sea Dragon Boosts Output in Egypt (Apr 01)
- Sea Dragon to Ramp Up Production at NW Gemsa Concession (Jul 25)
- Sea Dragon: Demonstrations Have Little or No Impact on Field Ops (Jan 31)