Premier bowing out of block offshore Vietnam

Offshore staff

LONDON – Premier has sold its 100%-owned subsidiary Premier Oil Vietnam South (POVS) to an unnamed buyer.

POVS has a 30% operated interest in Vietnamese offshoreblock 07/03, which contains the Ca Rong Do (CRD) oil and gas discovery and the Ca Duc (Silver Sillago) exploration prospect.  

The deal could be worth up to $100 million, depending on the results of the upcomingCRD-3X appraisal well, due to spud around the turn of the month; progress related to a potential development; and success at Ca Duc, due to be drilled by the same rig after CRD-3X.

Premier continues to provide drilling support during the transfer of this asset but will not participate in the capital cost of the wells.

7/16/2013