Premier pockets $10m profit on sale of N. Sea oil licence

Premier Oil. Natuna Field. Indonesia 2011Premier Oil has sold its 30% stake in the North Sea exploration and drilling licence (No. PL 359) to Lundin Norway for $17½ million – resulting in a $10 million profit.

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, Premier Oil, 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.”

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