The acquisition will increase the UK-based company’s interest in the Wytch Farm assets from 12.38% to an aggregate 30.1%.
The company has exercised its pre-emption rights to acquire the stake after British oil firm BP had agreed last month to dispose its 68% interest in a portfolio of onshore and offshore assets in Dorset to Perenco UK.
Perenco will acquire BP’s remaining 50.1% stake in the oil field and become its operator from completion of the acquisition.
Premier Oil said it will make further payments of up to about $14.4m if the government approves a field development plan in respect of the Beacon discovery within block 98/7a and/or in accordance with an agreed methodology relating to the average oil price between 2011 and 2013.
The Wytch Farm field is currently producing about 13,000 barrels of oil equivalent per day (gross).
