Premier Completes E.ON North Sea Asset Acquisition

Premier Oil plc announced Friday that it has completed the acquisition of UK North Sea assets from E.ON.

As a result, the former E.ON organization and its assets now report to Robin Allan, Premier's director of North Sea & exploration, who will oversee the transition of the assets into Premier’s existing UK business unit in Aberdeen. The integration process has now commenced.

Commenting on the deal, Premier’s Chief Executive, Tony Durrant, said in a company statement:

“We are pleased to have completed the acquisition of the UK North Sea assets from E.ON which strengthens Premier’s position in the UK North Sea, adding high quality assets at a compelling valuation of only $1.6 per barrel of oil equivalent. The acquired assets have had a strong start to 2016, performing ahead of expectation, adding immediate cash generative production of over 17,000 boepd and provide future opportunities to enable us to deliver value for our shareholders.”