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PMO Harbour Energy Plc

22.40
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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

Premier Oil PLC Sale of interest in ETS pipeline (8939Y)

11/12/2017 7:00am

UK Regulatory


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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)

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