Premier Oil has announced that following receipt of all necessary approvals, the acquisition of the UK North Sea assets from E.ON has now been completed.
Premier agreed to acquire the whole of E.ON’s UK North Sea assets for a net consideration of $120 million plus working capital adjustments in January 2016.
Ahead of the merger & acquisition announcement, the company’s shares were suspended from trading on the London Stock Exchange and resumed trading on February 1.
Tony Durrant, Chief Executive, commented:
“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.”