Premier: Update on the Sale of Wytch Farm
Premier announced that on the 20th November it has entered into a sale and purchase agreement to sell its interests in Licences PL089 and P534, containing the Wytch Farm field, to Perenco UK Limited on materially the same terms as have been previously disclosed in an announcement released on the 12th September 2017 and in a trading update released on the 16th November 2017.
These include unchanged cash consideration of US$200 million and the release of Premier from letters of credit totalling approximately US$75 million (the “Disposal”).
As the Disposal constitutes a class 1 transaction for Premier under the Listing Rules, a circular setting out further information regarding the Disposal and containing the Notice for a General Meeting is expected to be posted to shareholders tomorrow.
Premier Oil Plc
Tony Durrant, Chief Executive
Richard Rose, Finance Director
Tel: +44 (0)20 7730 1111
Tel: +44 (0)20 3757 4980