7th Apr 2016 14:42
LONDON (Alliance News) - Premier Oil PLC on Thursday said shareholders will meet later in April to vote on the company's planned acquisition of E.ON's UK upstream oil and gas assets in the Central North Sea, West of Shetlands and the Southern Gas Basin.
Premier agreed in January to acquire the EPUK Group, which holds the assets, for a net USD120 million subject to adjustment on completion. In February, the total amount due for the assets was increased to USD135 million.
The acquisition is expected to close by the end of April, according to a document sent to shareholders on Thursday.
Premier's lending banks and US private placement noteholders have now provided the consents and waivers required for the acquisition, the company said on Thursday, and the Secretary of State gave the necessary confirmation, two conditions required for the deal to go through.
The company recommended shareholders to back the acquisition. The vote is to take place on April 25.
In an update on Solan, West of Shetland, Premier Oil said the required platform production systems have been commissioned. "The operations team has commenced the start-up procedures and first oil from the field is imminent," Premier Oil said.
Shares in Premier Oil were down 1.7% at 43.00 pence on Thursday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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