Sector News

Premier Oil completes acquisition of E.ON North Sea assets

April 29, 2016

Premier Oil said it has completed its acquisition of E.ON’s North Sea assets.

The company revealed in January it had made a deal worth $120million and temporarily suspended trading.

Tony Durrant, Chief Executive, said:”We are pleased to have completed the acquisition of the UK North Sea assets from E.ON which strengthens Premier’s position in the UK North Sea, adding high quality assets at a compelling valuation of only $1.6/boe.

“The acquired assets have had a strong start to 2016, performing ahead of expectation, adding immediate cash generative production of over 17 kboepd and provide future opportunities to enable us to deliver value for our shareholders.”

At the time, the pending deal was classified as a reverse takeover under Listing Rules.

Premier said it had agreed with E.ON to reduce the completion adjustment to $15million and the aggregate consideration for the transaction payable by it to $135million.

In a statement, the company said the move was as a result of the increase in dividend paid to E.ON prior to completion.

Premier will acquire interests in licence in the Central North Sea, West of Shetland and the Southern Gas Basin.

This includes shares in Elgin-Franklin, Huntington, Babbage and Tolmount.

By Niamh Forrest

Source: Energy Voice

comments closed

Related News

August 23, 2019

The higher purpose of being a CEO

Borderless Leadership

LinkedIn Twitter Xing EmailWhen I left my second large company experience to become President of a small manufacturing company I did so driven by ego; I fancied the title. Soon […]

August 23, 2019

As Brexit nears, Britain’s drugs, devices and pricing regulators seek the exit

Life sciences

LinkedIn Twitter Xing EmailFirm details on exactly how the U.K. will regulate new medicines is still to be decided after it leaves the EU later this year (caveats on timing […]

August 23, 2019

The Simply Good Foods Company acquires Quest Nutrition for $1bn

Consumer Packaged Goods

LinkedIn Twitter Xing EmailThe Simply Good Foods Company, the owner of Atkins-branded food products, has secured a deal to acquire protein snack maker Quest Nutrition for $1 billion. Quest, which […]

How can we help you?

We're easy to reach