Premier Ups Stake in Scott Field

Premier Oil PLC has successfully completed the purchase of an additional 20.05 percent interest in the Scott field from Hess, following the payment of $52.6 million in net consideration.

In December, the company received notification of Hess' intention to sell its 20.05-percent interest in the Scott field to Nexen Petroleum UK. Premier exercised its right to pre-emption under the terms of its license interests in Scott.

Following completion of the transaction, Premier's net working interest in the Scott field is now 21.83 percent.

Simon Lockett, Premier's Chief Executive, commented:

"We are pleased to have completed our acquisition of an additional interest in the Scott field. This acquisition adds approximately 5,000 barrels of oil per day to our current production, at a cost of around $5 per barrel of 2P reserves. We continue to pursue acquisitions that are complementary to our existing assets and knowledge base."

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