16th Jan 2008 07:01
Premier Oil PLC16 January 2008 PREMIER OIL PLC ("Premier") Execution of Shareholder Agreements for EIIC JV Premier is pleased to announce the execution of shareholder agreements withEmirates International Investment Company LLC ("EIIC") to form two new jointventure companies to pursue the acquisition of upstream oil and gas assetsacross the Middle East and North Africa region. The new companies will beheadquartered in Abu Dhabi. The first joint venture to be known as PREMCO will be owned 49% by Premier and51% by EIIC and will hold all joint venture assets which are acquired in theU.A.E. In the event of a change of control of Premier Oil plc, EIIC will have apre-emptive right to purchase Premier's 49% of this joint venture at fair marketvalue. The second joint venture to be known as PREMBV, will be owned 50% by Premier,50% by EIIC, and will hold all joint venture assets which are acquired in theMiddle East and North Africa region (excluding the U.A.E). At the formation of the joint ventures, there will be no assets or profitsattributable to these new entities. Future acquisitions of new assets by eachjoint venture will be funded by Premier and EIIC in accordance with theirrelevant percentage holding of that joint venture. This joint venture partnership will enable Premier to access acquisitionopportunities across the Middle East and North Africa region via EIIC'srelationship networks, whilst EIIC will benefit from Premier's industryexpertise and operating capabilities. Simon Lockett, Chief Executive, commented: "We are delighted to have executed shareholder agreements with EIIC and lookforward to working together to build a material oil and gas business across theMiddle East and North Africa. A number of potential projects have already beenidentified" 16 January 2008ENQUIRIESPremier Oil plc Tel: 020 7730 1111Simon LockettTony Durrant Pelham PRJames Henderson Tel: 020 7743 6673Gavin Davis Tel: 020 7743 6677 Notes for Editors: Emirates International Investment Company (EIIC) is a leading Abu Dhabi basedprivate holding company. Founded in 1999, EIIC focuses on investments in variousgrowth sectors across the Gulf countries, the Middle East, North Africa andEurope. Sectors of interest include industries, real estate and energy. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
PMO.L