Premier Oil completes ownership restructuring program

UK-based oil and gas company Premier Oil PLC announced on Friday it had completed restructuring program in its group, which allows it to become a fully independent explorer.

In September last year, Premier announced that it would transform itself into a fully independent company by eliminating the ownership in the company of its two major shareholders, Amerada Hess Limited and Petronas International Corporation Limited.

Both Hess and Petronas have 25 percent shareholding each in Premier.

Under the restructuring deal, Premier agreed to transfer its whole participating interest in Yetagun of Myanmar and a 15 percent interest in Natuna Sea Block A of Indonesia to Petronas, while Hess would receive 23 percent interest in Natuna Sea Block A.

After completing its restructuring program, Premier still has a 28.7 percent interest and operatorship in the block, while the other participants, Kufpec, Hess, and Petronas hold 33.3 percent, 23 percent, and 15 percent respectively.

The Natuna Block A is producing natural gas, which is piped to Singapore; negotiations are underway to pipe gas to Malaysia. (robert)