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FTSE 250 oiler Premier Oil (LON:PMO) climbed 16.65% to 118.34p (as of 13:00 GMT) as it announced new proposed acquisitions in the North Sea. The company is to buy positions in three different fields which management said would add revenue generative production and effectively utilise tax losses.
CEO Tony Durrant said: “These acquisitions are materially value accretive for Premier and are in line with our stated strategy of acquiring cash generative assets in the UK North Sea. We look forward to realising the significant long-term potential of the Andrew and Shearwater assets through production optimisation, incremental developments and field life extension projects. We are also pleased to have consolidated our interest in the high return Tolmount development where we see material upside. The cash flow generated from the acquired assets will also accelerate the deleveraging of Premier’s balance sheet“.
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