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Premier Oil - Acquisition of further interest in Wytch Farm
Slaughter and May advised Premier Oil plc on its agreement to acquire an additional 17.715% interest in assets at Wytch Farm in Dorset for up to $110 million. This follows a pre-emption notice that Premier received from BP on 18 May 2011 in connection with BP's proposed sale of its 68% interest in Wytch Farm to Perenco UK Limited. Premier has entered into an agreement with Perenco setting out the basis on which the acquisition of BP's interests will be carried out as between Premier and Perenco.
The acquisition, which was announced on 20 June 2011, will increase Premier's interest in Wytch Farm to 30.1%.
Contacts
Hywel Davies (partner), Kathy Hughes (partner), Iqbal Hussain (associate), Jonathan Edwards (associate); Tax: Graham Airs (partner), Ed Milliner (associate)
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