Premier lifts stake in UK Wytch Farm oil field

Premier has agreed to acquire a further 3.75% interest in licenses PL089 and P534 onshore/offshore southern England from Maersk Oil North Sea UK for £11.7 million ($15.2 million).

Offshore staff

LONDON – Premier has agreed to acquire a further 3.75% interest in licenses PL089 and P534 onshore/offshore southern England, containing the Wytch Farm field, from Maersk Oil North Sea UK for £11.7 million (minus final completion adjustments).

Assuming UK government and third-party assents, Premier’s stake in the Wytch Farm field will rise to 33.8%.

Currently the field, operated byPerenco, is producing around15,000 boe/d.

Revised ownership in the licenses and in the Wytch Farm field will be as follows:

Licenses (PL089 and P534)
(%)

Wytch Farm field
(%)

Existing

New

Existing

New

Perenco

49.6

53.4

50.1

53.8

Premier

30.4

34.1

30.1

33.8

Ithaca Energy

7.5

7.5

7.4

7.4

07/03/2017

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