Premier Oil is to sell its entire stakes in licenses PL089 and P534, which contain Wytch Farm field, to Verus Petroleum for about $75m. Premier will be able to release letters of credit totalling $200m, issued in relation to future decommissioning liabilities that are now being transferred to Verus.
Premier Oil is to sell its entire stakes in licenses PL089 and P534, which contain Wytch Farm field, to Verus Petroleum for $200m. Premier will be able to release letters of credit totalling about $75m, issued in relation to future decommissioning liabilities that are now being transferred to Verus.