Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

Premier Oil PLC (PMO)

  Print      Mail a friend       Annual reports

Thursday 12 July, 2012

Premier Oil PLC

Proposed acquisition

RNS Number : 4838H
Premier Oil PLC
12 July 2012

12 July 2012

Premier Oil plc ("Premier", or the "Company")

Proposed acquisition of 60 per cent. of Rockhopper Exploration plc's ("Rockhopper") licence interests in the Falkland Islands

Premier today announces that it has agreed to farm-in for 60 per cent. of Rockhopper's licence interests in the Falkland Islands, which includes the Sea Lion development (the "Acquisition").  The initial payment will be $231 million in cash plus an exploration carry of up to $48 million and, subject to field development plan approval, a development carry of up to $722 million.  These will be funded from a combination of Premier's existing cash resources, facilities and cash flow from operations.  Premier and Rockhopper have also agreed to pursue jointly exploration opportunities in the Falkland Islands and analogous plays in selected areas offshore Southern Africa.

Today, Premier has also released a Trading and Operations update, contained in a separate announcement.

Transaction rationale

·    The Acquisition progresses Premier's strategy of growth through investment in high quality development projects

·    The Acquisition leverages Premier's strong operatorship and FPSO development capabilities

·    The Acquisition adds approximately 200 mmbbls of discovered 2C resources, together with risked prospective resources of 175 mmboe net to Premier

·    The Sea Lion project is an excellent fit with Premier's existing development portfolio.  Timing of the Sea Lion development expenditure coincides with Premier's increasing cash flow profile as current developments come on-stream

·    Once on-stream, the Sea Lion development is expected to add 50 kbopd of production, net to Premier and significantly increase free cash flow

Commenting on today's announcement, Simon Lockett, Chief Executive, of Premier said:

"We are delighted to have reached this agreement with Rockhopper.  Rockhopper has made excellent progress in commercialising the Sea Lion project which offers attractive returns and fits well with Premier's proven operating and development skills.  This transaction extends our strong growth profile beyond 2015 and offers both exploration and development upside for our shareholders. We look forward to working closely with Rockhopper and the Falkland Island Government on this very exciting project."

A presentation by Premier management will be webcast today at 9am at



Premier Oil plc                                                        Tel: 020 7730 1111

Simon Lockett

Tony Durrant


Pelham Bell Pottinger                                                                                  

Gavin Davis                                                              Tel: 020 7861 3159/07910 104 660

Henry Lerwill                                                          Tel: 020 7861 3169/07894 608 607                                                                                      



Rockhopper is an AIM-quoted company with a market capitalisation of approximately $1.2 billion.  Rockhopper owns a number of licences in the Falkland Islands on which it has performed exploration and appraisal activity.  Rockhopper drilled the Sea Lion discovery well in April 2010 and went on to drill 9 further wells of which 6 discovered hydrocarbons.  Having successfully appraised these discoveries Rockhopper has been seeking a "farm-in" partner for Sea Lion and other developments to bring these resources to commercial production.

Principal terms of the Transaction


Premier has entered into an agreement to acquire 60 per cent. and operatorship of Rockhopper's acreage in the Falkland Islands, which includes the Sea Lion, Casper and Casper South development projects.  In return for acquiring 60 per cent. of Rockhopper's current interests, Premier will

·     Pay an initial cash sum of $231 million recognising past costs incurred by Rockhopper

·     Fund up to $48 million of Rockhopper's share of three exploration wells

·     Fund up to $722 million of Rockhopper's development expenditures, subject to approval of the field development plan

In addition, Premier will make available a standby financing facility.  In the event that Rockhopper chooses to draw down on this facility, Premier will take an enhanced share of entitlement production and cash flows from the Sea Lion and related fields.  The enhanced share will continue until Premier has realised a 15 per cent. post tax internal rate of return (IRR) on its investment (defined as its working interest share of capital expenditure plus the amount of the drawn standby financing facility).  Thereafter, cash flows will be shared pro-rata to equity interests.  If costs exceed the approved development project budget by more than 10 per cent., the entitlement production share due to Premier will be adjusted to deliver a reduced 12 per cent. IRR on incremental funds drawn by Rockhopper from the standby financing facility to fund the project overrun costs.

Funding of the acquisition

Premier will fund the initial consideration and exploration carry from its existing cash resources. Premier expects to fund the development capital expenditures fully, post approval of the project, from a combination of existing facilities and cash flow from existing operations. Post completion of the acquisition, Premier's balance sheet remains robust with an estimated $1 billion of unused facilities. Premier's announced intention to commence an appropriate dividend payment along with its 2012 results remains unchanged.

The proposed acquisition is expected to complete in September after customary closing conditions (including Falkland Island Government approvals).


This information is provided by RNS
The company news service from the London Stock Exchange

a d v e r t i s e m e n t