Shares in Edinburgh-registered Premier Oil rocketed by 90% on UK stock-market after it announced revised take-over terms for acquiring E.On’s North Sea oil and gas assets yesterday.
Last month, Premier announced it had agreed to acquire the entire North Sea production assets from E.ON for $120 million in cash plus ‘completion adjustments’.
Its shares were temporarily suspended before Premier and E.ON agreed to reduce the completion adjustment to $15 million and the aggregate consideration for the transaction payable by Premier will now be $135 million. This is a result of an increase of the dividend paid to E.ON prior to completion.
By close of trading, Premier’s share price was up by nearly 90% to 36p.
Scottish Energy News 14 Jan 2016
Premier Oil buys E.ON’s entire North Sea assets for $120m after cutting production costs by $100m
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