Premier Oil is to sell its entire stakes in licenses PL089 and P534, which contain Wytch Farm field, to Verus Petroleum for $200m. The deal will see the two companies combine their operations into a single entity that will be called “Verus-Plus”.
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.