The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Mistakenly sent the last post.
It is interesting that the article mentions the production of the combined group would be 200k + 70k = 270kbpd???
I think we all had our calculations based on 220k for the combined group! Need to see the prospectus again to confirm. If it is 270kbpd then even better. Dividends are to come although am not too excited for dividends rather the effect of dividends on SP as there will be lot of buying once dividends are announced!
Good find Bladesman.
Just another 5 weeks and if we should see rerate
One Of The World’s Oldest Oil Companies Looks To Stage A Comeback
By Felicity Bradstock - Feb 27, 2021, 12:00 PM CST
North Sea producer Premier Oil has gained regulatory and antitrust approval to re-emerge under its new trading name Harbour Energy Plc. having agreed to a merger due to high levels of debt in late 2020. Leading U.K. energy independent Chrysaor Holdings Ltd. agreed on a reverse takeover of Premier in October 2020, paying $1.23 billion cash to fold one of the oldest independent producers in the world. Chrysaor and Premier are surprising everyone by announcing plans to recommence trade in the first quarter of 2021.
Harbour Energy Plc. is expected to start trading by 1st April, leaving behind its multi-million dollar debt. This follows approval for Premier's and Chrysaor licence interests in the UK from both the Oil and Gas Authority (OGA) and the Mexican Economic Competition Commission.
The merger gives Chrysaor a 77 percent stake in the entity, with 23 percent being held by Harbour Energy, an upstream investment subsidiary of private equity group EIG Global Energy Partners, based in Houston.
Having acquired assets from Royal Dutch Shell Plc, as well as several other firms, Chrysaor has risen to become the biggest oil and gas producers in the British North Sea. In 2020, Chrysaor was producing an average of 200,000 bpd oil equivalent, which was expected to increase by 70,000 bpd thanks to its acquisition of Premier.
The emergence of Harbour Energy Plc. comes at an increasingly positive time for the oil industry, with prices expected to reach $70 a barrel by the end of 2021.