Premier Oil shareholders approved the oil producer's $120 million takeover of E.ON's North Sea oil and gas fields on April 25, as the deal cleared its final hurdle.
As many as 99.99% of votes cast at a special shareholder meeting on April 25 supported the transaction, which will give Premier additional stakes in 40 oil and gas licenses in the U.K. North Sea.
Premier, whose shares touched a five-month high of 77.50 pence per share on April 25, said the deal will be complete by the end of this month.
When the transaction was first announced, Premier's shares were suspended as the deal was classified as a reverse takeover.
Recommended Reading
What's Affecting Oil Prices This Week? (May 6, 2024)
2024-05-06 - Stratas Advisors forecast that oil demand for 2024 will increase by 1.41 MMbbl/d in comparison to 2023 and that oil demand will increase by 810,000 bbl/d in comparison to 2Q23.
It’s Complicated: E&Ps Find Some Financial Tailwinds, But It’s Not All Smooth Sailing
2024-05-03 - Relatively stable WTI prices in the $80s/bbl provide some breathing room as companies allocate cash for operations, and pragmatism is seeping into the energy transition movement.
Pitts: US, Qatar Face off in LNG ‘Olympics’
2024-05-03 - In the LNG exporting space, the U.S. is squaring off with its fiercest competitor, Qatar, with both countries expected to outpace Australia
Chesapeake Stockpiles DUCs as Doubts Creep in Over Southwestern Deal
2024-05-02 - Chesapeake Energy is stockpiling DUCs until demand returns through growth from LNG exports, power generation and industrial activity.
Majors Aim to Cycle-proof Oil by Chasing $30 Breakevens
2024-02-14 - Majors are shifting oilfields with favorable break-even points following deeper and more frequent boom cycles in the past decade and also reflects executives' belief that current high prices may not last.