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Sale of Premier Oil Norge AS to Det norske

Premier announces on 16 November 2015 that it has agreed to sell its Norwegian subsidiary Premier Oil Norge AS (“PONAS”) which comprises all its Norwegian assets, to Det norske oljeselskap ASA (“Det norske”) for a cash consideration of $120 million. Kluge assists Premier Holdings Ltd. in the transaction.

PONAS comprises the Premier-operated Vette development and adjacent Mackerel and Herring discoveries (50% interest), a non-operated interest in the Frøy field (50% interest) and seven exploration licences.