Deal insight

Premier Oil acquires E.ON's UK upstream portfolio for US$120 million

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Report summary

The price tag may be small but the implications of this deal for the UK M&A market are big. Premier has acquired immediate production in a core area at a significant discount to our commercial valuation. The low price achieved demonstrates the difficulty of finding buyers in the current M&A market and the extent to which sellers may need to compromise on valuation. E.ON is retaining a portion of abandonment liabilities in Ravenspurn North and Johnston a fact which underscores an additional hurdle for mature asset deals in the UK. Other players seeking to make similar disposals either for strategic reasons or out of necessity will be hugely disheartened to see this valuation.

What's included

This report contains

  • Document

    Premier Oil acquires E.ON's UK upstream portfolio for US$120 million

    PDF 315.16 KB

Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 7 images and tables including:

Images

  • Comparable consideration metrics: UK asset packages; asset status - late life or mixture

Tables

  • Executive summary: Table 1
  • Upstream assets: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2

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