Premier-Chrysaor merger gets blessing from regulators

London-listed Premier Oil’s reverse takeover by Chrysaor is on track to complete on March 31.

Premier said all regulatory conditions had been satisfied and all anti-trust approvals received.

The UK Oil and Gas Authority had given the merger its blessing, as has the Mexican Economic Competition Commission.

Following the positive creditor vote on February 22, the transaction remains subject to the sanction of Premier’s restructuring plans by a Scottish court.

This is expected to take place on March 19.

Assuming the court approves the plans, Premier’s shares will be readmitted to trading on April 1 as Harbour Energy.

The deal to create the largest London-listed independent oil and gas company by production and reserves was struck in October.

The enlarged business will have net production of more than 250,000 barrels of oil equivalent (boe) per day, of which 90% will come from the UK.

In December, the companies said the enlarged group would be named after Chrysaor’s private-equity backer Harbour.

 

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