Premier sells stake in PL 259 to Lundin

Premier Oil has sold its 30 per cent equity stake in licence PL359 to Lundin Norway AS for a total after tax consideration of $17.5 million, subject to Norwegian government approval.

The transaction will result in a profit of approximately $10 million net to Premier. 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 Lundin.

Simon Lockett, Premier Oil Chief Executive, said: “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.”

In a separate statement, Lundin has said it will now sell a 5 per cent stake in the licence to Austria’s OMV.

The Luno II discovery was made by Lundin Petroleum in 2013 and is located in PL359 in the central North Sea sector of the Norwegian Continental Shelf on the south western flank of the Utsira High approximately 15
kilometres south of the Lundin Petroleum-operated EdvardGrieg field. An appraisal well will be drilled on the Luno II discovery and is expected to spud during June 2014.

PL359 also contains numerous drill-ready exploration prospects and the next exploration well on the licence is likely to target the stacked Luno II North and Fignon prospects, estimated to contain gross unrisked
prospective resources of 46 mmboe.

Lundin Norway is the operator of PL359 and following completion of these transactions, will have a 65 percent interest. Statoil Petroleum ASA has a 15 percent interest and following completion of these transactions, OMV
(Norge) AS will have a 20 percent interest.

 

June 17, 2014

 

 

 

Share this article

Follow Offshore Energy Today

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply