Premier raises US$30 million from E. Java interest sale
Monday, September 17 2001 - 11:28 PM WIB
UK oil and gas firm Premier Oil Plc said Monday that it raised US$ 30 million in selling its 40 percent interest in Pangkah production sharing contract (PSC) block offshore East Java to Amerada Hess.
?Following a review to our Indonesian portfolio, the board concluded that Pangkah field will require significant capital investment and its not core to our principal Indonesian business, The West Natuna Gas Project,? Charlie Jamieson, Premier?s CEO said.
Pangkah PSC has the reserve of 450 million standard cubic feet of rich gas. (alex)