Premier Oil sells Norwegian subsidiary

Norway

LONDON, November 16, 2015 – UK operator Premier Oil announced the sale of its Norwegian subsidiary Premier Oil Norge to Det Norske Oljeselskap, a local exploration and development company, for $120 million, on Monday. Det Norske will take over Premier Oil’s assets in the North Sea.

Assets include a 50-percent stake in the Vette project, which Premier Oil carried to advanced stages, a 50-percent interest in each of the neighbouring Mackarel and Herring discoveries, a non-operated interest the Froy Field, as well as seven exploration licences in the North Sea.

Det Norske announced in a statement that the purchase of the company and its assets reflected “their firm belief in the Norwegian Continental Shelf.”

Proceeds from the sale will go to cover Premier Oil’s $2.3-billion debt. The company announced on November 12 that it would resume its development in the Solan and Catcher fields in UK North Sea.

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