PremierOil creditors have approved the proposed merger with Chrysaor. In October 2020, PremierOil reached an agreement with Chrysaor to merge through a reverse takeover. Under the deal, Premier’s stakeholders will own 23% of the new entity and Chysaor 77%. Premier’s approximately US$2.7bn of total gross debt and some hedging liabilities will be repaid and cancelled on completion of the transaction and PremierOil’s creditors will receive US$1.23bn in cash. The merger will create the largest independent oil and gas company listed on the London Stock Exchange, with a combined production of over 250 kboe/d (on 30 June 2020) and combined 2P reserves of 717 mboe (31 December 2019). The transaction is expected to complete by the end of the first quarter of 2021.
In 2019, 50% of the UK oil production came from four companies: BP (20%), CNOOC (14%), Total (8%), and EnQuest (8%).