Premier has completed the sale of its 10% interest in the NW Gemsa permit in Egypt to Sea Dragon Energy Inc. The consideration was US$14.8 million after adjustments for working capital. As previously announced, Premier expects to record a profit on sale of around US$9 million.

Simon Lockett, Chief Executive, commented, "After an otherwise successful year with the drill bit it is disappointing that we have not encountered significant hydrocarbons at the Cá Rong Vang location. The well has, however, provided important pressure data which will be key in assessing the discovery we made in June at Cá Rong Do. Further seismic and drilling activity is planned on this large unexplored area. Together with our scheduled North Sea programme, we expect to drill at least 10 exploration and appraisal wells during 2010."

Tags: Premier Oil