Sale of Block A Aceh, onshore Indonesia
Premier Oil plc announced the sale of its wholly owned subsidiary Premier Oil Sumatra North BV (POSN) to KrisEnergy Asia Holdings B.V. POSN holds a non-operated 41.67 per cent equity interest in Block A Aceh, located onshore North Sumatra, Indonesia.
The after-tax consideration is $40 million plus working capital adjustments.
Completion of the transaction is subject to the receipt of all government approvals.
Tony Durrant, Chief Executive, commented:
“We are continuing to deliver on our plans to dispose of $300 million of non-core assets this year, focusing our capital and people on the higher return projects in our portfolio.”