Premier Oil awards engineering and design contract to AMEC

11th Jul 2014 10:15

Premier Oil, which operates in the North Falkland Basin, has awarded an engineering and design contract to oil services group AMEC.Rockhopper, which owns a 40% interest in the Sea Lion field, part of the Falkland Basin, said the front end engineering and design (FEED) contract to AMEC, was made as part of an ongoing development at the North Sea site. The group will carry out a geotechnical survey at the Sea Lion location. The results of this will be added in the FEED process, which is expected to take around 12 months to complete. Chief Executive Officer Sam Moody said: "This is a highly significant milestone in our plans to develop the discovery and comes on the back of our recent announcement that a rig has been signed to undertake a new exploration drilling campaign in the North Falkland Basin early next year."Premier announced last month it has continued its programme of asset disposals by selling off its stakes in the Scott, Telford and Rochelle fields in the North Sea for $130m in cash.As of 09:26, the share price had risen 1.64% to 92.75p. WS