Premier Oil has announced that it will sell-off two licences to Perenco UK, one containing Wytch Farm field.
Premier Oil is to offload its interests in Licences PL089 and P534 to Perenco UK Limited.
The sale was announced preceding a vote at the firm’s general meeting, held today.
The vote on the sale was an almost unanimous decision.
In September this year, Premier said it had struck a deal to sell its interests in licences containing Wytch Farm to Verus Petroleum.
But Perenco has exercised its pre-emption rights to swoop in and gain the stakes under the same conditions.
The deal involves a cash consideration of $200million and the release of Premier from letters of credit totaling about $75 million.
Wytch Farm is an onshore oil field located in Dorset that has been producing since 1979.