Offshore staff
LONDON – Premier Oil has agreed to sell its interests in the Babbage area of the UK southern North Sea to Verus Petroleum SNS under a deal valued at around $100 million.
The interests include a 47% interest in the producingBabbage gas field, a 50% stake in the Cobra discovery, and certain outstanding exploration commitments.
Premier will receive further cash payments of up to $7.7 million if Cobra goes forward to development, and potentially additional payments dependent on third-party business across the Babbage infrastructure.
The company plans to use the proceeds to pay down its debt.
04/30/2018
