Perenco UK has swung to a profit following a spate of deals to gain control of the largest onshore oilfield in Western Europe.
Aberdeen-based oil firm Ithaca Energy has agreed to sell licences containing the onshore UK Wytch Farm field for £38million.
A farm out agreement has been reached between United Oil and Gas (UOG) and Corallian Energy Limited for a percentage of the company’s UK oil and gas assets.
Premier Oil has completed the sale of its interests in licences containing the Wytch Farm field to Perenco after receiving the necessary approvals.
Premier Oil has announced that it will sell-off two licences to Perenco UK, one containing Wytch Farm field.
Premier Oil said today that it had agreed to sell its stakes in the Wytch Farm field to Perenco.
Premier Oil’s sale of its stake in the Wytch farm field is a “good deal” that will help lower the company's debts, analysts have said.
Premier Oil has agreed the potential multi-million pound sale of its stake in the largest onshore oilfield in western Europe.
Premier Oil has bought a further 3.75% interest in licenses PL089 and P534 – which includes the Wytch Farm field – from Maersk.
London-listed RockRose Energy said yesterday it had signed an agreement with Maersk Oil North Sea UK to acquire non-operated stakes in the Wytch Farm (7.43%), Scott (5.16%)and Telford (2.36%) fields.