Premier Oil sells two assets for $147.5m

Oil and gas exploration firm Premier Oil has completed the sale of its non-operated interests in the producing Scott, Telford and Rochelle fields to MOL Group for $130m (£83.1m) before interim period adjustments.

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Separately, Premier has also completed the sale of its 30% stake in PL359, which contains the Luno II discovery, offshore Norway, to sector peer Lundin for $17.5m plus working capital adjustments.

Commenting on the outfit´s update analysts at Westhouse Securities wrote: "We would regard this news as a small positive, boosting net debt with sales of assets that would be struggling for profitability in this market. We maintain our target price [310p] and Add rating."