Premier Oil said today that it had agreed to sell its stakes in the Wytch Farm field to Perenco.
In September 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.