Premier sells UK North Sea assets to MOL

June 30, 2014

Premier is pleased to announce that it has sold its non-operated interests in the producing Scott, Telford and Rochelle fields to MOL Group for a cash consideration of $130 million. MOL will assume the liabilities for future abandonment costs. Year to date production from Scott, Telford and Rochelle has averaged approximately 3.7 kboepd net to Premier.

The transaction, which comprises six UK North Sea licences, has an effective date of 1 January 2014 and is subject to certain pre-emption rights. Completion is subject to receipt of government approval.

Source: Premier Oil, 2014.