Shares in Premier Oil, an international oil and gas exploration and production company, have been suspended from trading on the London Stock Exchange ahead of possible merger & acquisition (M&A) announcement.
According to Premier’s statement on Wednesday, the shares were suspended with effect from 7.30am Wednesday morning pending an announcement of a potential acquisition of assets by Premier.
The company also added that this might be classified as a reverse takeover under the Financial Conduct Authority (FCA) Listing Rules. Therefore, the company has requested the temporary suspension of trading in its ordinary shares whilst clarification is sought from the UK Listing Authority (UKLA).
Premier did not provide additional information on the potential deal.
The suspension of shares comes only a couple of days after the company confirmed the oil discovery encountered in the original Isobel Deep well, offshore the Falkland Islands, and on the same day as the award of the Front-End Engineering and Design (FEED) contract for an FPSO for its Sea Lion development to SBM Offshore.
Offshore Energy Today Staff