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Det norske to buy Premier Oil's business in Norway

Reuters - UK Focus

OSLO, Nov 16 (Reuters) - Norway's Det norske oljeselskap (LSE: 0M5J.L - news) is to buy Premier Oil (LSE: PMO.L - news) 's Norwegian business in a $120 million cash deal, the companies said in separate statements on Monday.

The transaction comprises Premier (NasdaqGS: PINC - news) 's 50 percent stakes in the Vette development and the adjacent Mackerel and Herring discoveries, a 50 percent interest in the Froey field and seven exploration licences in the North Sea, Det norske said.

The Norwegian company said it would also benefit from Premier's carry-forward tax losses, undepreciated tax balances and exploration tax refunds equalling approximately 1.0 billion Norwegian crowns ($114.98 million).

Premier Oil has 26 employees in Norway.

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The transaction is subject to government approval and is expected to complete by year-end, Det norske said. It (Other OTC: ITGL - news) also said it would fund the deal with existing funds and undrawn debt facilities.

Premier Oil said in its statement it will use proceeds from the sale to pay down debts. ($1 = 8.6973 Norwegian crowns) (Reporting by Terje Solsvik. Editing by Jane Merriman)