Premier hopes to complete restructuring Q2 2003
Tuesday, March 25 2003 - 04:44 PM WIB
UK independent oil and gas firm Premier Oil PLC said on Tuesday it expected major restructuring in which it would transfer its Myanmar interests and part of Indonesian business in exchange for Petronas' and Amerada Hess' combined 50 percent shareholding in Premier, and cash of $376 million to be completed in the second quarter of 2003.
Under the restructuring deal Premier will transfer its entire 26.67 per cent interest in the Yetagun project offshore Myanmar 15 per cent interest in West Natuna Sea Block A (Natuna) in Indonesia, to Petronas and some cash in return of cancellation of Petronas? 25 percent shares in Premier.
Premier will also transfers 23 per cent interest in Natuna to Amerada Hess consideration for the cancellation of Amerada Hess? 25 per cent ordinary shareholding in Premier. Premier is retaining 28.67 per cent interest in, and the operatorship of, West Natuna Sea Block A PSC. The block is a gas-producing block, which supply gas to Singapore through pipeline. (alex)