Premier Oil's Shares Remain Suspended amid Proposed E.ON Deal
Premier Oil plc’s ordinary shares remain suspended from trading on the London Stock Exchange, pending clarification from the UKLA on the status of the company’s proposed acquisition of all of E.ON’s UK North Sea assets.
At the request of Premier Oil, the company’s ordinary shares were suspended from trading with effect from 7.30am GMT Wednesday. Premier announced yesterday that it had agreed to purchase E.ON’s UK North Sea assets for a net consideration of $120 million plus working capital adjustments. The proposed acquisition, which will include assets in the Central North Sea, West of Shetlands and the Southern Gas Basin, will be funded from existing cash resources.
In a statement on its website, Premier Oil said:
“Discussions with the UKLA remain on-going and there can be no certainty over the period that the shares will remain suspended.”
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