Premier Oil sells stake in Western Europe’s biggest onshore oilfield

London-listed Premier Oil confirmed it has agreed to sell its entire interest in the Wytch Farm field onshore UK for US$200 million.

The sale includes all of Premier’s 33.8% interest in the field, as well the expected release of letters of credit worth about US$75 million related to future field abandonment liabilities.

Premier, which did not name the buyer, made the announcement on the 22^nd August in response to “media speculation”. Debtwire had previously reported that UK-based Verus Petroleum was the buyer.