Premier sells Norwegian stake for US$16m

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Premier Oil has furthered its programme of non-core asset disposals with the sale of its 20% equity interest in the PL378 and PL378B blocks in the Norwegian sector of the North Sea to a wholly owned subsidiary of Cairn Energy for US$16m.

Premier chief executive Simon Lockett said the disposal would enable the company to “concentrate our efforts on projects where Premier is best positioned to add value”.

The PL378 and PL378B blocks contain the Grosbeak discovery and could potentially also hold an extension to the Skarfjell discovery in Block PL418 to the north.

The transaction is subject to government approval and will be back-dated to 1 January 2013. As well as Cairn’s Capricorn Norge subsidiary, the other partners in the two blocks are operator Wintershall Norge (with a 45% stake) and Talisman Energy Norge (with 35%).

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