UK's Premier Completes Sale of Pakistani Assets

The UK’s Premier Oil announced March 28 that it has completed the sale of its Pakistani business.

Comprising non-operated stakes in six gas-producing fields, the business has been sold for $65.6mn to Karachi-based Al-Haj Energy. The deal was first announced almost two years ago.

"Premier has closed the sale of Premier Oil Pakistan Holdings, which comprises Premier’s Pakistan business. This follows the receipt of necessary approvals and finalisation of working capital adjustments," the UK company said in a statement.

“In total Premier has received the full consideration of $65.6mn for the sale including deposits and completion payments paid by the buyer and net cash flows collected by Premier since the economic date of the transaction,” it added.

The six fields (and equity stakes) are: Qadirpur (4.75%), Bhit & Badhra (6%), Kadanwari (15.79%), Zamzama (9.375%) and Zarghun South (3.75%).