Sale of Block A Aceh, onshore Indonesia

abarrelfullabarrelfull wrote on 03 Jul 2014 07:23
Tags: asia indonesia premier upstream

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Premier is pleased to announce the sale of its wholly owned subsidiary Premier Oil Sumatra North BV (POSN) to KrisEnergy Asia Holdings B.V. POSN holds a non-operated 41.67 per cent equity interest in Block A Aceh, located onshore Aceh, Indonesia.

The after-tax consideration is $40 million plus working capital adjustments.

Completion of the transaction is subject to the receipt of all government approvals.

Tony Durrant, Chief Executive, commented:

“We are continuing to deliver on our plans to dispose of $300 million of non-core assets this year, focusing our capital and people on the higher return projects in our portfolio.”

Notes to editors

Block A Aceh includes the Alur Siwah, Alur Rambong, Julu Rayeu, the high-CO2 Kuala Langsa gas field and the recent Matang gas discovery.

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