North Sea operator Premier Oil has sold all of its 30% interest in the PL359 licence to Lundin Norway for $17.5million.
The prospect includes the Luno II discovery where an appraisal well is expected to be spudded this later month, paid for by Lundin.
“We are pleased to be delivering against our promise to monetise non-core assets,” said Simon Lockett, Premier oil’s chief executive.
“We will continue to focus our capital and activities on projects where we are best positioned to add value.”
Premier expects to gain a $10million net profit from the transaction.