Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/premier-oil-completes-sale-of-norwegian-business.shtmlPremier Oil completes sale of Norwegian business
Premier Oil has completed the disposal of Premier Oil Norge AS to Det norske oljeselskap ASA for a net cash consideration of $120 million.
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Premier Oil has completed the disposal of Premier Oil Norge AS to Det norske oljeselskap ASA for a net cash consideration of $120 million.
As a result net debt is expected to be just under $2.3 billion at year end. Premier continues to enjoy significant liquidity with $1.2 billion of cash and undrawn credit facilities and covenant headroom is expected to be in excess of $800 million at the year end.
On the Solan field, progress has been made on the commissioning of the offshore installation systems required for first oil.
