Premier Oil backs out of Bagpuss

According to partner North Sea Energy Inc., Premier Oil UK Ltd. will resign as operator of the Bagpuss joint-venture (license P.1943) with the effective date of Dec. 31.

Sep 30th, 2016

Offshore staff

TORONTO– According to partner North Sea Energy Inc., Premier Oil UK Ltd. will resign as operator of the Bagpuss joint-venture (license P.1943) with the effective date of Dec. 31.

In addition, Premier has agreed in principle to sell its 40.1% working interest in the Bagpuss JV to Reach Halibut Ltd., subject to approval by the JV partners and regulatory consent from the OGA.

Most recently, in August, Premier said that the13/25-1 well, targeting the heavy-oil Bagpuss prospect had “proven a significant volume of oil in place,” encountering 41 ft (12 m) of hydrocarbon-bearing sands within a 68-ft (21-m) hydrocarbon column.

Bagpuss is located on the Halibut Horst in the Outer Moray Firth.

09/30/2016

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