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UK Premier sells Norwegian business for $120m

Premier has quit Norway, selling assets to Det norske oljeselskap in a cash deal worth $120m

The deal represents another step in Premier's previously-stated programme of portfolio management and will pay down the company's debt, it said. The transaction is subject to government approval and is expected to complete by year-end. Premier's chief executive Tony Durrant said the team in Norway had done an "excellent job in bringing the Vette [formerly Bream] project close to a sanction decision in a low oil price environment. The transaction will realise immediate value from the project as part of our strategy of active management of our portfolio." Other assets include the adjacent Mackerel and Herring discoveries (50%); a non-operated interest in the Froey field (50%); and seven expl

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