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…