23rd Feb 2021 10:09
(Alliance News) - Premier Oil PLC on Tuesday said its proposed merger with Chrysaor has fulfilled all regulatory conditions, and received all of the required antitrust approvals.
In October 2020, the London-based oil and gas firm agreed to merge with Harbour Energy's UK operating firm Chrysaor through a reverse takeover, retaining its London listing.
Harbour Energy is a Texas-based energy investment vehicle, formed by energy-focused investor EIG Global Energy Partners to control holdings in upstream and midstream energy assets globally.
Following a receipt of notice from the Oil & Gas Authority, the regulatory condition regarding both companies' licence interest in the UK has been satisfied. In addition, Premier has received an anti-trust approval from the Mexican Economic Competition Commission.
On Monday, Premier Oil's creditors had approved the restructuring plan needed for the merger, as well as the reorganisation of Premier's existing debt and cross currency swaps.
Now the merger is conditional on the restructuring plans being sanctioned by the Scottish Court, at a hearing set to take place on March 19.
Once the plans are sanctioned, the merger is expected to be completed on March 31. Trading of the merged entity, to be named Harbour Energy PLC, will begin the next day on April 1.
Shares in Premier Oil were up 4.6% at 25.20 pence on Tuesday in London.
By Dayo Laniyan; [email protected]
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