Premier Increases N. Sea Presence with EnCore Acquisition

Premier announced the recommended acquisition of EnCore for cash with a share alternative for a consideration of £221 million (approximately $340 million).

Recommended acquisition of EnCore

Premier announced the acquisition of EnCore, an AIM-listed independent exploration and appraisal company. The board of EnCore are recommending the terms of the transaction. The acquisition of EnCore will increase Premier's interest in the UK Catcher area to 50 percent, provide Premier with the operatorship of the Catcher development and add to Premier's exploration position in related Central North Sea plays.

Simon Lockett, Chief Executive, commented, "Today marks a significant milestone for Premier. We continue to prove our ability to execute development projects and to identify acquisition opportunities which enhance our portfolio and growth profile.

"In addition to our organic growth, today's recommended acquisition is an example of our ability to use our strong balance sheet to capitalize on opportunities."