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.