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.
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:
- Executive summary: Table 1
- Upstream assets: Table 1
- Deal analysis: Table 1
- Comparable consideration metrics: UK asset packages; asset status - late life or mixture
- Deal analysis: Table 2
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
What's included
This report contains:
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