Premier sells Pakistan assets

摘要

UK-based Premier Oil has signed a share purchase agreement with Al-Haj Energy for the sale of Premier Oil Pakistan Holdings BV - which comprises Premier's Pakistan business - for US $65.6m in cash. Al-Haj has paid a deposit to Premier of $15m and will pay a further interim deposit of $10m within the next 60 days. "The transaction is in line with Premier's stated strategy to dispose of non-core assets and the proceeds from the sale will be used to reduce the company's net debt. The economic date of the transaction is 1 January 2017, with Premier retaining 2016 net cash flows," Premier said.