Premier Sells Shares in Australian Worldwide Exploration

Premier has sold its entire shareholding in Sydney-based Australian Worldwide Exploration Limited (AWE) for a net cash amount of A$33 million (£13.1 million).

As of December 31, 2002, Premier reported proforma net debt of £47.1 million. Taking the benefit of this share sale into account, proforma net debt and gearing falls to £34 million and 13% respectively.

Charles Jamieson, CEO of Premier, said: 'The sale of our shares in AWE is another step in our program of rationalizing our portfolio and releasing value from non-core assets. This puts Premier in an even stronger position to pursue exploration and commercial dealmaking opportunities.'