Premier sells interest in Indonesian block

Premier Oil PLC, London, has sold the wholly owned subsidiary that holds a 41.67% equity interest in Block A, Aceh Province, in North Sumatra, Indonesia, to KrisEnergy Asia Holdings BV for after-tax consideration of $40 million plus working capital adjustments.

PT Medco Energi, Jakarta, operates the block, on which it reported an indicated natural gas discovery in the Matang-1 exploratory well last year (OGJ Online, Apr. 23, 2013). Also on the block are undeveloped Alur Siwah, Alur Rambong, Julu Rayeu, and Kuala Langsa gas fields.

Medco Energi holds a 41.67% interest, and Japan Petroleum Exploration Co. Ltd. holds 16.66%.

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