Image courtesy of Premier Oil.

UK-based independent Premier Oil completed the sale of its non-operated stakes in three offshore UK fields and one offshore Norway license Monday in two deals worth a combined $147.5 million in cash.

Premier sold its non-operated interests in the producing Scott, Telford and Rochelle fields to Hungary-based MOL Group for a cash consideration of $130 million before interim period adjustments.

Year to date production from Scott, Telford and Rochelle has averaged 3.7 thousand barrels of oil equivalent per day net to Premier.

Premier held a 21.83 percent interest in the Scott oil field, a 1.59 percent interest in the Telford oil field and a 15 percent interest in the Rochelle gas field.

The deal includes six UK North Sea licenses and is effective as of January 1, 2014.

MOL has assumed the liabilities for future abandonment costs.

Premier also completed the sale of its 30 percent stake in the offshore Norway license PL359 to Swedish independent Lundin Oil for $17.5 million plus working capital adjustments.

PL359 contains the Luno II discovery that holds estimated gross resources of 75 to 130 million barrels of oil equivalent, with liquids accounting for 80 percent of reserves.

Lundin Petroleum is the operator of the license and will now hold a 70 percent interest in the license.

Norway’s Statoil holds the remaining 30 percent stake.


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