Premier Oil Signs Sale and Purchase Agreements for BP Acquisitions
July 20 2020 - 2:58AM
Dow Jones News
By Jaime Llinares Taboada
Premier Oil PLC Monday said it has signed sale and purchase
agreements with BP PLC for the acquisition of interests in the
Andrew area and the Shearwater field in the U.K. North Sea.
The U.K. oil-and-gas company said the agreement follows receipt
of creditor approval. Premier plans to fund the $210 million deal
via an equity raise, it said.
The acquisitions are expected to be completed by September and
remain conditional on Premier refinancing its existing credit
facilities, equity funding, and customary other approvals, Premier
said.
The buyer also expects to pay a further $115 million to BP based
on higher future oil and gas prices, but this will be funded from
the assets' revenue.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
July 20, 2020 02:43 ET (06:43 GMT)
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