Photo: Catcher FPSO; Source: Premier Oil

Premier-Chrysaor merger clears regulatory hurdles

All of the regulatory conditions relating to Premier Oil’s merger with Chrysaor have now been satisfied and all of the requisite antitrust approvals have been received and completion is expected by the end of March 2021.

Following the 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 has been satisfied, Premier said on Tuesday.

In addition, Premier has received anti-trust approval in relation to the merger from the Mexican Economic Competition Commission.

Furthermore, 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.

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.

To remind, Premier reached an agreement with Harbour’s UK operating company Chrysaor regarding a proposed all-share merger between Premier and Chrysaor and the reorganisation of Premier’s existing debt and cross-currency swaps in early October 2020.

Under a decision made in December 2020, the new entity will be named Harbour Energy. It is anticipated that the board of Harbour Energy will comprise 11 directors.

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Shareholder approval for the transaction was received in January 2021 as well as Vietnam antitrust approval.