Premier withdraws from Red Sea concession

Premier Oil has decided to relinquish its interest in the North Red Sea 1 license offshore eastern Egypt.

Offshore staff

LONDON – Premier Oil has decided to relinquish its interest in the North Red Sea 1 license offshore eastern Egypt.

This follows an unsuccessful exploration well on the Cherry prospect.

The company has also withdrawn from theSouth Darag block in the Gulf of Suez, due to the lack of formal government approval of the license award.

3/27/2013

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