Slaughter and May is advising Premier Oil plc on the disposal of its 33.8% stake in Wytch Farm
Slaughter and May is advising Premier Oil plc in connection with the disposal of its 33.8 per cent. stake in Wytch Farm to Perenco UK Limited for a cash consideration of US$200 million. As part of the transaction, Premier Oil will also be released from letters of credit totalling approximately US$75 million. The disposal is classified as a class 1 transaction for Premier Oil under the Listing Rules. It is expected to complete in December 2017.
Wytch Farm is an onshore oil field located in Dorset, United Kingdom that has been producing since 1979. Perenco is a UK-focused independent operator of a number of onshore and offshore North Sea oil and gas fields including Wytch Farm.
Premier Oil is one of the UK’s largest independent oil and gas exploration and production companies, with significant interests in the North Sea, as well as holding production assets in Indonesia, Vietnam and Pakistan, and exploration assets in the Falklands, Mexico and Brazil.