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Premier Oil's acquisition of BP North Sea assets approved by creditors

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Oilfield Technology,

Premier Oil has announced that the Group’s creditors have approved the acquisition of the Andrew Area and Shearwater assets from BP under the amended terms announced in early June.

The 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 has said it will not be pursuing the purchase of the additional 25% interest in the Tolmount gas field from Dana Petroleum, following the termination of the Escrow Agreement on 30 June 2020.

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