Premier Oil said that it had completed the farm down of its interest in the Tuna PSC, offshore Indonesia to Zarubezhneft following approval from the Indonesian government.
Under the farm down agreement, the Russian state-controlled oil company will carry Premier for its share of a two-well campaign to appraise the Tuna discoveries, scheduled to commence during the second quarter of 2021.
Both companies have also secured Indonesian government approval for a one-year extension to the exploration period of the Tuna PSC until March 2022.
Premier remains the operator of the Tuna PSC, with the company and Zarubezhneft each having a 50% interest in the licence.
Premier Oil, which is soon due to merge with Chrysaor, also has operations in Vietnam and the Falkland Islands, with exploration and appraisal licences in Alaska, Brazil and Mexico.