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* Plans $500 mln rights issue
* Sees FCF of $1 bln from acquisitions to end 2023
* Also increasing Tolmount stake for $191 mln
* Extends debt maturity to 2023
* Premier, Rockhopper find partner for Sea Lion project
(Adds Sea Lion, detail)
By Shadia Nasralla
LONDON, Jan 7 (Reuters) - Premier Oil is set to buy
stakes in North Sea oilfields Andrew and Shearwater from BP
for $625 million and increase its stake in the Tolmount
gas project in a deal with Dana worth $191 million, Premier said
on Tuesday.
Premier said the acquisitions would generate over $1 billion
in free cash flow by the end of 2023 and add 23,000 barrels of
oil equivalent per day cash-generative production and 82 million
barrels of reserves and resources to its portfolio.
The acquisitions are funded by a $500 million equity raise
"which has been fully underwritten on a standby basis", existing
cash and, if needed, a loan of $300 million.
"Premier expects that the equity raise will include both a
placing and rights issue component with any shares issued under
the placing qualifying for the subsequent pre-emptive rights
issue," it said.
"It expects to confirm the structure and terms in Q1 2020
following consultation with major shareholders."
It also said it had extended its debt maturity timeline to
the end of November 2023.
In a string of announcements on Tuesday, Premier's partner
in the Sea Lion project off the Falklands Islands, Rockhopper
, said they had signed a preliminary deal for Navitas
Petroleum LP to buy a 30% stake.
(Reporting by Shadia Nasralla; editing by Jason Neely)
