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Tuesday, 02 December, 2008, 03:40 GMT | more >>

Premier stays on in Mauritania



By Upstream staff 

UK explorer Premier Oil said today that talks with a preferred bidder for its interests in Mauritania had ended, adding it now planned to retain its West African oil assets.

"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," company boss Simon Lockett said.

The group said Petronas Australia, a unit of Malaysian state outfit Petronas, which Premier Oil partners in Indonesia, would operate the blocks after buying Woodside Energy's Mauritanian subsidiaries.

In March, Premier said it planned to exit Mauritania, where the oil reserves had proved more difficult to exploit than expected.

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


Monday, 15 October, 2007, 09:25 GMT  | last updated: Monday, 15 October, 2007, 09:27 GMT

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