Private capital is fueling North sea crude production as big oil majors retreat

FORBES | Early in October 2020, Premier Oil (LON:PMO) – one of the UK's most indebted oil and gas companies – agreed to a merger with Chrysaor, in a reverse takeover that will ultimately see the former's creditors being paid $1.23 billion in cash, and its shareholders with around 5.45% of the combined London-listed entity.

On the face of it, there is little in the deal to raise eyebrows in a distressed market. Premier is one of the world's oldest leading independent exploration and production (E&P) company calling the North Sea its backyard. It traces its history back to the 1930s, but underwent a painful debt restructuring in 2016-17 after the last oil glut.

To read the full article, click here.

  • LinkedIn
  • Twitter

© 2020 Energen. This website represents a proof of concept of the future platform