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Premier to sell stake in western Europe's largest onshore oilfield

Reuters - UK Focus

Aug 22 (Reuters) - North-Sea focused Premier Oil (LSE: PMO.L - news) has agreed to sell its stake in British onshore oilfield Wytch Farm for $200 million to an undisclosed buyer, the company said on Tuesday.

The deal also includes letters of credit worth around $75 million related to future field abandonment liabilities, Premier Oil said.

Debtwire reported on Tuesday the sale had been struck with Verus Petroleum. Verus was not immediately available for comment.

Premier Oil increased its stake in Wytch Farm, western Europe's largest onshore oilfield, to 33.8 percent only last month after acquiring Maersk Oil's interest in the field using its pre-emption rights. (Reporting by Karolin Schaps; editing by Susan Thomas)