News listings

energy-pedia general news

United Kingdom flagUnited Kingdom

Europe / Caspian / CIS >>> United Kingdom

UK: Premier Oil provides update on proposed acquisitions and creditor agreements


02 Jul 2020

Photo - see caption

Premier Oil has announced that the Group’s creditors have approved the acquisition of the Andrew Area and Shearwater assets (together, the 'BP acquisitions') under the amended terms. The BP Acquisitions remain conditional on finalisation of the sale and purchase agreement, the refinancing of Premier’s existing credit facilities, equity funding and customary other approvals, including shareholder approval.

Premier also has the support from a subset of its creditors on the terms of the 'Stable Platform Agreement' to waive the Company’s financial covenants through to 30 September 2020. This has been put to the creditor group for their formal approval by 8 July 2020. Under its current financing arrangements, Premier is required to provide a covenant compliance certificate to its lenders within 90 days of 30 June.

Separately, Premier notes today that it will not be pursuing the purchase of the additional 25 per cent interest in Tolmount from Dana Petroleum, following the termination of the Escrow Agreement on 30 June 2020.

Original article link

Source: Premier Oil





Bookmark and Share


A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.


Subscriber Only Deals

Current Deals

Current Upstream Deals: 373

Completed Deals

Completed Upstream Deals: 5961

Company Profiles

Current Company Profiles: 2745

Corporate Activity

Current Corporate Activity articles: 3564

Companies Looking

Current number of articles: 444

Company Sales

Current Company Sales articles:1443

Geostudies

Current Geostudies articles: 766

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...


energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...



energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...

Subscribe

Subscribe to the FREE
energy-pedia Daily Newsletter
Subscribe

Rose & Assocs 149
OPC
energy365
Bayphase
Government of South Australia
KL Publishing
SLR Consulting logo
Union Jack Oil 149
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans
UNITED KINGDOM

Tel: +44(0)1727 822675

Email: info@energy-pedia.com