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Premier Oil completes Babbage Area sale

7 December 2018

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…


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