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Premier enters sale and purchase deal with Verus Petroleum

12 September 2017 08:03

Premier entered a sale and purchase agreement to sell its entire interests in Licences PL089 and P534, which contain the Wytch Farm field, to Verus Petroleum SNS for $200m.

In addition, Premier will be able to release Letters of Credit totalling approximately $75m which have been issued in relation to future decommissioning liabilities that are now being transferred to Verus.

The effective date of the Disposal is 1 July 2017.

Wytch Farm is an onshore oil field located in Dorset, United Kingdom that has been producing since 1979.

Verus is a UK-focused independent E&P company backed by HitecVision, a Norway based private equity investor focused on the upstream offshore oil and gas industry.

At 8:03am: (LON:PMO) Premier Oil PLC share price was +1.88p at 59.63p

Story provided by StockMarketWire.com

Related Company: PMO

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