Premier has announced the disposal of its Pakistan business for USD65.6 million to Al-Haj General Trading Co. The sale process for these assets was initiated in 2015 after an unsolicited approach and culminates with today's announcement.The Pakistan assets comprise six non-operated producing gas fields which produced c.47mmcfpd and generated c.USD41 million in 2016.
Premier has been present in Pakistan since 1988 and in 1990, made the Qadirpur discovery. Since then, the company has acquired interests in five other fields, all located onshore. The fields are long-life assets with low operating costs. All production is sold to the government-owned gas utilities, SSGCL and SNGPL.
This disposal is in line with Premier's strategy to dispose of non-core assets to reduce net debt. The deal is expected to close at the end of the year and is pending government and regulatory approvals. The effective date of the transaction is 1st January 2017.
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