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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