14th Jan 2019 09:05
LONDON (Alliance News) - Premier Oil PLC on Monday said it has not made a firm decision to bid for Chevron Corp's assets, which are currently being marketed.
On Sunday, The Times reported that Premier Oil was considering a fundraising to buy an approximately USD1.5 billion package of North Sea oil and gas fields from US oil major Chevron.
According to The Times, Premier Oil is intending to fund the acquisition through a rights issue or share placing, and could also consider selling all or part of its Latin American business,
Responding to the report early Monday, Premier Oil said that there is "no guarantee that the group will bid in any process or that any process will complete".
The exploration firm went on to say that it has also not yet decided on how its bid would be financed if it were to be successful.
Premier Oil said its operational performance has remained strong, with production in the first two weeks of 2019 averaging over 90,000 barrels of oil equivalent per day.
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