Completion of Strategic Review of North Sea E&P Business – divestiture of UK Exploration & Production Business to Premier Oil
E.ON to sell its UK E&P business to Premier Oil
Transaction is the logical second step of the strategic review of the E&P North Sea business and further reinforces E.ON´s financial flexibility
Strategic review of E.ON’s E&P North Sea business is hereby completed
E.ON has signed an agreement to sell 100 percent of its shares in its UK E&P Subsidiaries to Premier Oil. The transaction value is $0.12 billion as at the effective date of January 1st 2015. As a result of the transaction, E.ON will also release provisions for asset retirement obligations (decommissioning obligations) associated with the business of $0.45 billion as well as realizing $0.05 billion of value for other adjustments, including the 2015 hedge positions. The transaction will therefore have a total Economic Net Debt Impact to E.ON of $0.62 billion. In addition, E.ON will retain cash of approximately $0.15 billion which existed at the effective date.….