Premier to sell RI project

Premier to sell RI project

LONDON (Dow Jones): Premier Oil PLC of the UK is planning a US$200 million refinancing with the sale of a half share in its West Natuna gas project in Indonesia, according to the UK's Times newspaper.

The stake in West Natuna represents some 500 billion cubic feet of gas, but key to the deal will be the prospect of reducing Premier's huge financial commitment to the project by about US$100 million over the next few years, the paper said.

No one from Premier Oil was immediately available for comment.