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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Premier Oil plc    PMO   GB00B43G0577

PREMIER OIL PLC

(PMO)
  Report
Real-time Estimate Quote. Real-time Estimate CHI-X - 07/08 11:30:00 am
44.805 GBX   -4.53%
07/02Premier Oil drops acquisition of further stake in Tolmount project
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06/26PREMIER OIL : Results of AGM
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06/06Demand firms as OPEC+ meeting looms, Angolan sells
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News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector news

BP Agrees Amended Terms for North Sea Assets Sale with Premier Oil -- Update

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06/05/2020 | 10:24am EDT

-BP's North Sea assets sale to Premier Oil amended to reflect lower commodity prices

-Premier Oil says assets are cash generative even under current conditions

-Premier's largest creditor agrees to withdraw appeal against debt plan and support the acquisition

 

By Jaime Llinares Taboada

 

BP PLC has agreed to revise the terms of a sale of North Sea assets to Premier Oil PLC following the plunge in oil-and-gas prices this year.

Under the new deal Premier will pay BP $210 million upon completion with a further $115 million based on future oil-and-gas prices, instead of the one-time payment of $325 million previously agreed.

BP will also retain $300 million in interim cash flows, keeping the potential total value of the deal at $625 million as agreed in January.

The deal was also changed to reduce Premier's field abandonment expenses to $240 million from $600 million.

The changes were supported by Premier's largest creditor Asia Research Capital Management which has agreed to invest in the business. ARCM will be issued with 82.4 million Premier shares at 26.69 pence each and the money raised will part-fund the acquisition and ongoing capital investments.

ARCM will use the shares to reduce the short-selling position it had built up of 16.69% in Premier and has agreed to withdraw its appeal against the group's credit schemes.

Premier Oil said the terms were changed due to "material developments in global commodity markets". Near term WTI and Brent contracts for crude oil are down nearly 40% since 2020 began.

It added that the revised terms agreed with BP are in principle and there's no certainty any deal will take place. The assets being bought--Andrew Area and Shearwater--are immediately cash generative even at current commodity prices, Premier said.

In addition, Premier Oil said it is discussing with a subset of creditors to waive financial covenants through September 30 and to provide continued access to revolving credit facilities.

Shares of Premier Oil at 1332 GMT were up 21% at 38.44 pence. BP was up 6.1% at 356.60 pence, with energy stocks gaining on hopes of an international agreement to extend oil-production cuts.

 

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

 

Stocks mentioned in the article
ChangeLast1st jan.
ACCESS CO., LTD. 1.90% 967 End-of-day quote.1.26%
AT HOME GROUP INC. 5.03% 6.27 Delayed Quote.8.55%
BP PLC -1.59% 303.45 Delayed Quote.-34.62%
JUST GROUP PLC -0.42% 47.8 Delayed Quote.-39.24%
LONDON BRENT OIL 1.19% 43.31 Delayed Quote.-34.73%
PREMIER OIL PLC -4.33% 45.04 Delayed Quote.-52.21%
SEA LIMITED 10.24% 124.46 Delayed Quote.180.71%
SHEARWATER GROUP PLC -1.54% 191.99 Delayed Quote.-9.30%
THE GLOBAL LTD. 1.83% 222 End-of-day quote.-52.87%
WILL GROUP, INC. -1.22% 648 End-of-day quote.-48.24%
WTI 1.40% 40.915 Delayed Quote.-33.63%
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Latest news on PREMIER OIL PLC
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Financials (USD)
Sales 2020 1 114 M - -
Net income 2020 -160 M - -
Net Debt 2020 1 962 M - -
P/E ratio 2020 -3,85x
Yield 2020 -
Capitalization 520 M 519 M -
EV / Sales 2019
EV / Sales 2020 2,23x
Nbr of Employees 770
Free-Float 97,6%
Chart PREMIER OIL PLC
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Technical analysis trends PREMIER OIL PLC
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 0,72 $
Last Close Price 0,57 $
Spread / Highest target 294%
Spread / Average Target 27,7%
Spread / Lowest Target -67,0%
EPS Revisions
Managers
NameTitle
Anthony Richard Charles Durrant Chief Executive Officer & Executive Director
Roy Alexander Franklin Non-Executive Chairman
Stuart Royston Wheaton Chief Operating Officer
Richard Andrew Rose Executive Director & Finance Director
Nic Braley Chief Commercial & Technical Officer
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