Verus Petroleum UK Ltd., Aberdeen, will gain 2,400 boe/d of natural gas production through the purchase of interests in the southern UK North Sea from Premier Oil PLC, London.
The operators have agreed to an $88.1-million deal covering Premier’s 47% operated interest in Babbage gas field along with 50% operated interests in three adjacent licenses: P2212, P2290, and P2301.
Verus will pay $64.3 million in cash and assume exploration commitments valued at $23.8 million. It will make further cash payments of as much as $7.7 million if a discovery designated Cobra is developed.
Verus said it will drill a well 10 km from Babbage field in 2019.