Premier Oil欲重新投资26亿英镑

The UK’s largest independent oil company is on the brink of agreeing a full-scale £2.6bn restructuring deal which is expected to secure its survival.

Premier Oil has been locked in talks with its lenders for months over fears that the crushing oil market downturn could push the company into default on its loans. Premier is weighed down with £2.6bn of debt that was taken on to finance the development of two significant North Sea oil projects.

 The projects are both expected to reach their peak production rates by the end of next year and, in the absence of any further large spending commitments, will start to repay their financing costs.

City analysts say a fresh debt restructuring could help Premier’s dragging share price to almost double its current level. Premier is expected to reveal further detail of its rescue package this week alongside first-half financial results. Full details are expected to emerge in the following weeks.