We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Harbour Energy Plc | LSE:PMO | London | Ordinary Share | Ordinary Shares |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 22.40 | 22.50 | 22.60 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPMO
RNS Number : 8939Y
Premier Oil PLC
11 December 2017
PREMIER OIL PLC
("Premier")
Sale of interest in ETS pipeline
11 December 2017
Premier is pleased to announce that it has entered into a sale and purchase agreement ("SPA") to sell its entire equity interest in the Esmond Transportation System ("ETS") pipeline to CATS Management Limited (an Antin Infrastructure Partners portfolio company).
Under the terms of the SPA, Premier will receive cash consideration of up to GBP23.6 million ($31.6 million) for its entire 30 per cent interest in ETS. The consideration consists of an initial upfront payment of GBP21.0 million ($28.1 million) (subject to certain customary financial adjustments) payable on completion, plus a future potential payment of up to GBP2.6 million ($3.5 million) linked to the achievement of certain key milestones in respect of any future development of the Pegasus field. Disposal proceeds will be used to pay down Premier's existing debt.
The ETS pipeline was constructed in order to transport gas from Esmond Area fields to the Bacton gas terminal on the North Sea Coast in North Norfolk. The pipeline is currently operated by Perenco UK Limited as operator of the Trent and Tyne fields, and is used as the export route for the Cygnus gas field recently brought on stream by ENGIE.
The effective date of the sale is 1 January 2017. Completion remains subject to obtaining all normal and necessary third party consents and regulatory approvals including discharges and release of securities. Premier expects the sale to complete in 1H 2018.
Jefferies International Limited acted as financial advisor to Premier, together with Centrica plc and Perenco UK Limited who have also entered into separate SPAs, to sell their respective interests in the ETS pipeline to CATS Management Limited.
Tony Durrant, Chief Executive, commented:
"The sale of the ETS pipeline interest is another step in realising value from the E.ON UK portfolio acquired by Premier for $120 million in 2016. The ETS pipeline does not serve any fields owned by Premier and is therefore non-core to the group."
Enquiries Premier Oil plc Tel: 020 7730 1111 Tony Durrant, Chief Executive Richard Rose, Finance Director Camarco Tel: 020 3757 4980 Billy Clegg Georgia Edmonds
Notes to editors
As per Premier's 2017 Half Year Results issued on 24 August 2017, the equivalent value of the gross assets being transferred was $27.2 million as at 30 June 2017, with an associated loss before tax for the year ended 31 December 2016 of $1.6 million.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DISKMMMZGGDGNZZ
(END) Dow Jones Newswires
December 11, 2017 02:00 ET (07:00 GMT)
1 Year Harbour Energy Chart |
1 Month Harbour Energy Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions