Premier has sold its 30 per cent equity stake in licence PL359 to Lundin Norway AS for a total after tax consideration of $17.5 million, subject to Norwegian government approval.
The transaction will result in a profit of approximately $10 million net to Premier.
Licence PL359, located offshore Norway, contains the Luno II discovery. An appraisal well to be drilled on the licence is expected to spud in June, the cost of which will be borne by the buyer.
Simon Lockett, Chief Executive, commented:
“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.”
Press Release, June 17, 2014