Premier Oil announced the completion of the farm down of its interest in the Tuna PSC, offshore Indonesia, to Zarubezhneft. This announcement follows receipt of Indonesian government approval.
Under the farm down agreement, Zarubezhneft will carry Premier for its share of a two-well campaign to appraise the Tuna discoveries, scheduled to commence in Q2 this year. In addition, Premier and Zarubezhneft have secured Indonesian government approval for a one-year extension to the exploration period of the Tuna PSC to March 2022.
Premier remains operator of the Tuna PSC, with the company and Zarubezhneft each having a 50% interest in the license.