Chrysaor merges with Premier in reverse takeover Report

Deal Insight 15 October 2020

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Report summary

Chrysaor is acquiring Premier Oil by way of a reverse takeover and refinancing. Chrysaor shareholders will own at least 77% of the pro-forma business, which will be London's largest listed independent E&P company. With production of over 250 kboe/d (90% from the UK) Chrysaor will rival European peers Lundin and Aker BP for scale. Private equity-backed Chrysaor was already the biggest independent producer in the UK. While around 75% of Premier's current production also comes from the UK, it is a more internationally diverse business with additional production in South East Asia and major development opportunities in Latin America.

Executive summary
Transaction details
Upstream assets
- Chrysaor and Premier: overview
- Chrysaor in detail
- Premier in detail
  - UK
  - Americas
  - South East Asia
Deal analysis
Upsides and risks
- Chrysaor upsides
- Premier upsides
- Chrysaor risks
- Premier risks
Strategic rationale
- Chrysaor
- Premier
Oil & gas pricing and assumptions

Tables and charts

This report includes 10 images and tables including:

Deal analysis: Table 1
Oil & gas pricing and assumptions: Table 1
Oil & gas pricing and assumptions: Table 2

Chrysaor and Premier: Woodmac 2P commercial reserves (entitlement basis), by asset
Chrysaor and Premier: pro-forma entitlement production
Upstream assets: Table 1
Chrysaor commercial assets: opex per boe vs remaining entitlement reserves vs NPV10
Combined cash flow
Upstream assets: Table 2
Premier: UK asset cash flow by asset (and net)