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Premier Oil completes acquisition of E.ON North Sea assets

Premier Oil news
OGUK appoints Premier Oil boss to board

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.

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