Things are looking up for Premier Oil. In the past seven weeks the North Sea oil producer has made good progress on some of the short-term uncertainties hanging over it (Emily Gosden writes).
Its $871 million package of North Sea acquisitions, announced at the start of the year in a pre-pandemic world, has been renegotiated substantially to reflect the oil price crash. It will still buy the Andrew and Shearwater fields from BP but has cut the upfront payment price by $115 million and reduced the decommissioning liabilities. Yesterday it confirmed it will no longer spend up to $246 million increasing its stake in the Tolmount field from Dana Petroleum.
Premier has secured the backing of troublesome creditor Asia Research and Capital Management, which had
