Premier Oil Plans $500 Million Equity Raise to Fund North Sea Acquisitions
07 Enero 2020 - 2:22AM
Noticias Dow Jones
By Adria Calatayud
Premier Oil PLC (PMO.LN) said Tuesday that it is planning a $500
million equity raise to fund two acquisitions of U.K. North Sea
assets from BP PLC (BP.LN) and Dana Petroleum (E&P) Ltd.
The U.K. oil-and-gas company said it has agreed to buy a 25%
stake in the Premier-operated Tolmount area from Dana for $191
million plus contingent payments of up to $55 million. Tolmount is
on schedule to deliver its first gas by end-2020, the company
said.
The company is also acquiring BP's interests in the Andrew area
in the central U.K. North Sea and its nonoperating interest in the
Shearwater field for $625 million.
Premier said it expects the equity raise will include both a
placing and rights issue component, the structure and terms of
which will be confirmed in the first quarter of 2020 following
consultation with major shareholders.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
January 07, 2020 03:07 ET (08:07 GMT)
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