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Premier Oil announces the Sale of Scott, Telford, Rochelle and related North Sea Assets to the MOL Group


North Sea

30 June 2014

Stellar Energy Advisors is pleased to announce the signature of an agreement between Premier Oil UK Limited ("Premier") and the MOL Group ("MOL") with respect to the divestment of the Scott, Telford and Rochelle Fields in the UK North Sea for a consideration of USD 130 milllion. Stellar was the sole advisor to Premier for the sales process. As a result of the transaction (and subject to any pre-emptive rights of other Licence owners) MOL will acquire:-

  • A 45.83334% interest in Licence P218, Block 15/21a (Scott) which includes an interest of 21.84% in the Scott Field Unit Area;
  • A 7.29546% interest in Licence P218, Block 15/21a (Telford) which includes an interest of 1.58677% in the Telford Field Unit Area;
  • A 50% interest in Licence P1298, Block 15/26b and a 25% interest in Licence P1615, Block 15/26c, which includes a 15% interest in the Rochelle Gas Field;
  • A 28% interest in P218, Block 15/21a (Gamma) and 28% interest in P1655, Block 15/21g, a 50% interest in Licence P185, Block 15/22a (non Paleocene); a 40% interest in Licence P1463, Block 14/30a and a 50% interest in Licence 1994, Block 15/17b.

Stellar has a long history of successful advisory mandates in the UK North Sea and our enlarged team is well equipped to provide advisory services for any mandate. This particular commission was complex given the substantial abandonment costs associated with Scott and attendant issues. Through Stellar's extensive network and market knowledge a number of well qualified parties were introduced to the process and we are very pleased to have been able to assist Premier in finding the right counter party.

For the full press release please see: http://www.premier-oil.com/premieroil/media/press

Stellar acted as advisor to Premier for the transaction.