Premier Oil Joins Hess to Explore the North Red Sea

Premier Oil Plc, the U.K. crude and natural gas explorer focusing on Vietnam and Indonesia, will join Hess Corp. in exploring the North Red Sea off Egypt.
Premier will boost exploration spending by 25 percent to about $200 million in 2011 from this year, according to Chief Financial Officer Tony Durrant. The company raised its debt facility by $470 million to $1.8 billion to fund projects and also extend the maturity of its borrowings.
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Source: Bloomberg