Premier Oil, Chrysaor Merger Gets Approvals from Regulators in UK, Mexico


February 23, 2021
Credit: Premier Oil (file photo)

Credit: Premier Oil (file photo)

UK-based oil company Premier Oil said Monday that all of the regulatory conditions relating to its merger with Chrysaor "have now been satisfied and all of the requisite anti-trust approvals have been received."

Premier oil said following receipt of notice from the Oil and Gas Authority (OGA), the regulatory condition to the transaction regarding Premier's and Chrysaor's licence interests in the UK had been satisfied.  

Also, the company has received anti-trust approval in relation to the merger from the Mexican Economic Competition Commission.

"Following the positive creditor vote on 22 February, the Transaction remains subject to sanction by the Scottish Court of the restructuring plans expected to take place on 19 March," Premier Oil said.

"Assuming the Scottish Court sanctions the restructuring plans, Premier expects the Transaction to complete on 31 March with Premier's shares to be readmitted to trading on 1 April as Harbour Energy plc," the company added.

As previously reported, the two UK-based offshore oil and gas companies said in October 2020 they'd merge in an all-stock transaction.

Announcing the deal,  Premier Oil and Harbour Energy, Chrysaor's largest shareholder, said the proposed merger would create the largest independent oil and gas company by production and reserves listed on the London Stock Exchange with combined production of over 250 kboepd as at 30 June 2020.

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