By Jaime Llinares Taboada 



  Premier Oil PLC said Friday that the cash consideration on completion of the North Sea assets acquisition from BP PLC has been renegotiated to $210 million plus $115 million in target-based payments, and that it is raising $27.5 million via share issuing to fund part of the transaction. 


  The oil-and-gas company said BP has agreed to amend the terms for the acquisition of the Andrew Area and Shearwater assets in the U.K. North Sea, dividing the original consideration of $325 million into $210 million payable on completion plus $115 million payable based on higher future oil and gas prices. BP will also receive an additional $300 million via retained cash flows. 


  In addition, the expected abandonment obligations have been reduced to $240 million from $600 million. 


  The group said it will issue 82.5 million new shares to its largest creditor at a price of 26.69 pence (33.6 cents) a share, representing a 9.6% discount to the volume weighted average price over the last five days. 


  Premier Oil said it is discussing with some creditors about waiving financial covenants through September--the expected date for completion--and providing continued access to revolving credit facilities. 


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


  Corrections & Amplifications


  This was corrected at 1127 GMT because the original version misstated in the headline and article that the price of the acquisition had been halved to $210 million plus $115 million in target-based payments, from $625 million. It has been renegotiated to $210 million plus $115 million in target-based payments, and that it is raising $27.5 million via share issuing to fund part of the transaction.