Sale Of Norwegian Business
Premier is pleased to announce that it has agreed to sell Premier Oil Norge AS (“PONAS”) which comprises all its Norwegian assets, to Det norske oljeselskap ASA (“Det norske”) for a cash consideration of $120 million. The proceeds will be used to pay down the Company’s debt and represents another step in Premier’s previously stated programme of portfolio management. The transaction is subject to the receipt of government approval and is expected to complete by year-end.
Troll oil for 20 years
This week it is 20 years since the start of oil production from the Troll field. The 20 year-old can look back on enormous wealth, with 1.56 billion barrels produced so far and NOK 460 billion in income.