News Column

Premier Oil To Book Profit On Sale Of Stake In Norwegian License

June 16, 2014

Steve McGrath

LONDON (Alliance News) - Premier Oil PLC Tuesday said it has sold its 30% stake in the PL359 oil license offshore Norway to Lundin Norway AS for USD17.5 million after tax, and expects the net profit on the deal to be about USD10 million.

Licence PL359 contains the Luno II discovery. An appraisal well will be drilled on the licence, starting this month, the cost of which will be borne by Lundin Norway, Premier said.

"We are pleased to be delivering against our promise to monetise non-core assets. We will continue to focus our capital and activities on projects where we are best positioned to add value," Premier Oil Chief Executive Simon Lockett said in a statement.

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Source: Alliance News

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