Premier Oil Premier intends to acquire assets in the Andrew area, the Shearwater field and the Tolmount area PREMIER OILPremier Oil is facing opposition from its largest creditor to its plans to buy $870 million of North Sea assets. Asia Research and Capital Management has come out against the acquisitions and the proposals for Premier to extend the maturity of its debt by more than two years to November 2023. Premier intends to pay $625 million to buy assets in the Andrew area and a stake in the Shearwater field from BP. It also wants to buy a 25 per cent interest in the Tolmount area from Dana Petroleum of Korea for up to $246 million. The deals would be funded through existing cash facilities, a $500 million rights issue and a bridging facility of up to $300 million.

Source: The Times January 07, 2020 17:03 UTC