OilVoice - Premier Oil Announces Sale of NW Gemsa Licence, Onshore Egypt

Premier Oil Announces Sale of NW Gemsa Licence, Onshore Egypt

Wednesday, August 19, 2009

Premier Oil announces the sale of its 10% interest in the NW Gemsa licence, onshore Egypt, to Sea Dragon Energy for the sum of US$12.5 million. The sale is subject to the approval of the Egyptian authorities.

Simon Lockett, Premier’s CEO, commented:
"While Premier continues to evaluate potential opportunities in Egypt and the surrounding countries, our low equity interest in NW Gemsa is not material for the Company and this sale releases internal resources which can now be focused elsewhere."

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