Premier Oil has signed a Sales and Purchase Agreement (SPA) with Batavia Oil for the entire shares of Premier Oil Kakap B.V. which holds an 18.75% non-operating interest in the producing Kakap PSC located in the Natuna Sea. The SPA, signed on 19 December 2017, calls for a purchase price of USD 3.2 million. Completion of the deal is subject to government approval, which is expected to be received in early 2018. The sale is in line with Premierâs current strategy of portfolio management aimed at disposing non-core assets. Batavia Oil is an international oil and gas company established in 2017. Based in the Netherlands, Batavia Oil is concentrating on the acquisition of minority and non-operating interests in producing blocks. The company is focused on positive cash flows at USD 45 per barrel. Upon completion, the Kakap PSC will be Bataviaâs first asset. The Kakap PSC is operated by Star Energy with 56.25% interest. Premier Oil Kakap is holding 18.75%, and the other partners are SPC (fully owned subsidiary of PetroChina) (15%) and Pertamina (10%). The PSC is due to expire in 2028. The block produced approximately 2,500 bo/d and 12 MMcfg/d in December 2017.
Premier has signed with Batavia Oil for the sale 18,75% stake in the Kakap PSC for US$3,2 MM. So far Star Energy (op), partners Premier SPC (PetroChina) + Pertamina. 