North-Sea focused Premier Oil Plc has agreed to sell its stake in British onshore oil field Wytch Farm for $200 million to an undisclosed buyer, the company said Aug. 22.

The deal also includes letters of credit worth around $75 million related to future field abandonment liabilities, Premier Oil said.

Debtwire reported on Aug. 22 the sale had been struck with Verus Petroleum UK Ltd. Verus was not immediately available for comment.

Premier Oil increased its stake in Wytch Farm, western Europe's largest onshore oil field, to 33.8% only last month after acquiring Maersk Oil & Gas AS' interest in the field using its pre-emption rights.