North Sea Energy Inc. announces that Premier Oil UK Limited ("Premier") have informed the Bagpuss joint-venture ("JV") partnership that they are resigning as Operator of the Bagpuss joint-venture (Licence P.1943) with the effective date of December 31, 2016. Premier have confirmed that they will work with the new Operator to assure a smooth transfer of responsibilities. In addition, Premier have agreed in principle to sell their 40.1% working interest in the Bagpuss JV to Reach Halibut Limited subject to approval by the JV partners and regulatory consent from the OGA.
Source: North Sea Energy Inc.
Date: Sep 29, 2016