Premier Oil sells stake in Western Europe’s biggest onshore oilfield

London-listed Premier Oil confirmed it has agreed to sell its entire interest in the Wytch Farm field onshore UK for US$200 million.


The sale includes all of Premier’s 33.8% interest in the field, as well the expected release of letters of credit worth about US$75 million related to future field abandonment liabilities.


Premier, which did not name the buyer, made the announcement on the 22nd August in response to “media speculation”. Debtwire had previously reported that UK-based Verus Petroleum was the buyer.