Premier Oil acquires E.ON’s UK North Sea portfolio

Premier Oil is to acquire the whole of E.ON’s UK North Sea assets for a net consideration of $120mn plus working capital adjustments. The assets being acquired are located in the Central North Sea, West of Shetlands and the Southern Gas Basin. E.ONs UK oil and gas upstream portfolio includes stakes in 40 licences, including a 5.2% interest in the Elgin-Franklin field, a 47% interest in the Babbage field and a 50% stake in the Tolmount discovery. The deal will add about 15,000 boe/d to Premier’s production in 2016, according to the company.