• Most Popular
  • Most Shared

Premier Oil to retain Mauritanian interests

Mon Oct 15, 2007 4:54am EDT

Stocks

   

LONDON, Oct 15 (Reuters) - UK oil explorer Premier Oil Plc (PMO.L) said on Monday talks with a preferred bidder for its intrests in Mauritania had ended and it now planned to retain the West African oil fields.

Stocks  |  Mergers & Acquisitions

"We have decided to terminate the disposal process as we consider the offers received do not fully reflect the value of Premier's Mauritanian interests," Chief Executive Simon Lockett said.

The group said Petronas Australia Pty Limited, a unit of Malaysian state energy firm Petronas [PETR.UL], which Premier Oil partners in Indonesia, would operate the blocks after buying Woodside Energy Ltd's Mauritanian subsidiaries. Premier Oil said in March it planned to exit Mauritania, where the oil reserves had proved more difficult to exploit than expected.

Richard Rose, oil analyst at Oriel Securities, said at the time the assets were worth around $120 million.

Stocks
Mergers & Acquisitions


More from Reuters

Photo

Investors seen jumping the gun on airport security

BANGALORE (Reuters) - Investors' optimism surrounding the shares of airport security systems makers could be premature as interest in the companies' products after the Christmas Day plane scare is not expected to translate into immediate orders.

» More Top News
A hiring sign hangs in a window at PETCO in Falls Church, Virginia June 5, 2009.REUTERS/Kevin Lamarque

Dust off your resumes

Employers say they'll be adding headcount in the coming year. Here's where the jobs will be.  Full Article 

ECONOMY
Tiger Woods blows on his putter on the 10th hole during final round play of the Tournament Players Championship golf tournament at the TPC at Sawgrass in Ponte Vedra, Florida May 13, 2007.

Tiger's $12 billion scandal?

Shareholders of Tiger Woods' sponsors discover that along with the upside, there are big downside risks, too, a study shows.  Full Article 

Sports