Det norske oljeselskap has completed its agreement to acquire Premier Oil Norway. The merger, previously announced on 16 November, comprises all Premier Oil plc’s Norwegian assets for a net consideration of US$120 million on a cash free, debt basis.
Premier’s Norwegian assets comprises the operated Vette development and adjacent Mackerel and Herring discoveries (50% interest), a non-operated interest in the Frøy field (50% interest) and seven exploration licenses in the North Sea. Premier has 26 employees in Norway.
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