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Member News07th Dec 2018

Premier Oil completes Babbage Area sale

Following the receipt of necessary approvals, Premier Oil has announced the completion of sale of its interests in the Babbage Area to Verus Petroleum.

Premier received £30.3 million ($38.7 million), after adjustments, for Babbage cash flows collected by Premier since the effective date of 1 January 2018. In addition, Verus will take on exploration commitments valued at around $24 million. Production from Babbage has averaged 2,500 barrels of oil equivalent per day over the year to date. Read more…