Premier Oil scraps Tolmount purchase as creditors approve BP deal July 2, 2020 Exploratory firm Premier Oil has dropped plans to buy a 25 per cent stake in Korean-owned company Dana Petroleum’s Tolmount field in the North Sea. The $191m (£152.6m) deal was agreed in January, alongside agreements to buy two fields from BP for a combined $625m. However, the company today revealed that it had shelved the [...]
Premier Oil to seek lower price for BP North Sea fields acquisition May 13, 2020 Premier Oil will seek a lower price for its acquisition of two North Sea oil fields from BP due to the decline in prices for the commodity, its chief executive has said. In January the oil explorer announced a $625m (£509m) deal to buy Andrew Area and Shearwater assets from the major, based on a [...]
Premier Oil defends state of finances amid low oil prices March 13, 2020 Premier Oil has insisted its finances are strong after a major creditor called for it to cancel expensive North Sea oil projects with oil prices perilously low. Premier Oil told investors today it has hedged 30 per cent of its full year gas and oil entitlement production at $60 a barrel. This includes 40 per [...]
Oil giants slump as Trump EU travel ban makes COVID-19 and price war effect worse March 12, 2020 Oil company shares have sunk today after the Brent crude price sunk below $34 a barrel, as the market absorbs news of President Trump’s travel ban. Shares in BP have fallen 11.18 per cent to 280p and those of Shell are also down 11.15 per cent at 1,165p. Tullow oil and TransGlobe Energy released results [...]
Premier Oil creditor doubles down on opposition to acquisition plan January 24, 2020 Premier Oil’s largest creditor, hedge fund Asia Research and Capital Management (ARCM), has this morning doubled down on its opposition to the North Sea explorer’s proposed acquisition plan. Earlier this month Premier Oil said it had agreed a $625m (£473.8m) deal with BP to buy two major North Sea assets, and announced a new scheme [...]
Premier Oil creditor ‘will take all steps to oppose’ refinancing plan January 7, 2020 North Sea explorer Premier Oil’s largest creditor, hedge fund Asia Research and Capital Management (ARCM), has said it will fight the oil company’s plans to extend its debt maturity and pursue several acquisitions. The fund, which holds more than 15 per cent of Premier’s debt instruments, issued a statement after the FTSE 250 firm said [...]
Premier Oil shares soar as it pays $625m for BP North Sea assets January 7, 2020 Shares in Premier Oil soared in early trading after the UK oil company announced it will buy two major North Sea assets from BP for $625m (£473.8m). The oil and gas firm is planning to buy the Andrew Area and Shearwater assets from competitor BP, as well as an extra 25 per cent interest in [...]
Premier Oil hires Rothschild as loan repayment deadline looms January 5, 2020 North Sea explorer Premier Oil has hired Rothschild bankers as the firm nears a deadline to pay back nearly £2bn in loans. The Sunday Telegraph first reported that a number of hedge funds, including Asia Research and Capital Management (ARCM), have bought $90m debt from Premier backer Barclays in recent weeks. Read more: Premier Oil [...]
Premier Oil pushes back over claims firm is under pressure to sell assets December 15, 2019 UK exploratory firm Premier Oil today pushed back against claims that it is under pressure from its lenders to sell of its assets as the repayment date for $2.6bn (£1.9bn) worth of loans approaches. The Sunday Telegraph reported that a group of hedge funds, which own in total around 40 per cent of Premier’s loan [...]
Premier Oil shares jump as it predicts higher annual production November 14, 2019 Premier Oil said their full year production would be at the upper end of their previous guidance in this morning’s trading update, prompting shares to jump nearly three per cent. Read more: Premier Oil prepares to sell Mexican field stake as profits jump The figures The company said that total output for the year would [...]