Premier Oil acquires EnCore Oil for US$318 million
Premier Oil has announced its intention to acquire UK focused EnCore Oil for a consideration net of working capital of US$318 million (£206 million). EnCore's key assets are a 15% operated interest in the Greater Catcher Area and a 16.6% non-operated interest in the Cladhan field, both of which are probable developments. Our base case valuation of the assets is US$317 million (£206 million). This implies a long-term oil price of US$80/bbl, which is in line with recent ...