Deal Insight

Chrysaor merges with Premier in reverse takeover

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15 October 2020

Chrysaor merges with Premier in reverse takeover

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.

Table of contents

  • Executive summary
  • Transaction details
    • Chrysaor and Premier: overview
    • Chrysaor in detail
    • Premier in detail
      • UK
      • Americas
      • South East Asia
  • Deal analysis
    • Chrysaor upsides
    • Premier upsides
    • Chrysaor risks
    • Premier risks
    • 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)

What's included

This report contains:

  • Document

    Chrysaor merges with Premier in reverse takeover

    PDF 1.06 MB