Premier Oil has bought a North Sea interest from Maersk for £11.7million.
The operator acquired a further 3.75% interest in Licences PL089 and P534, which contain the Wytch Farm field, from Maersk Oil North Sea UK. The acquisition will be financed from existing cash resources with a “rapid payback estimated at two years”.
Premier’s interest in the Wytch Farm field is now 33.8%, adding approximately 2.7 mmboe of 2P and 2C reserves and resources to its output.
A Premier Oil spokesperson said: “The field is producing 15,000 boepd year to date. The acquisition is value accretive and allows Premier to accelerate the use of its existing pool of tax losses.”
Perenco holds a 53.8% stake in the Wytch Farm Field, Ithaca Energy owns 7.4% and Repsol Sinopec owns the remaining 5%.
Premier’s deal comes after Maersk announced plans to exit the field.