Royal Dutch Shell Plc  .com Rotating Header Image

UpstreamOnline: Premier boss rejects takeover talk

By Upstream staff

Premier Oil has not received a takeover approach from Shell, Premier’ boss Simon Lockett said today, despite a report the supermajor was eyeing the UK oil explorer.

“I have no knowledge of any talks ongoing with Shell. We have not received any approach from Shell,” Simon Lockett told Reuters. A spokesman for Shell said the company did not comment on market speculation.

Earlier, a Dow Jones Newswires report said that Shell was seeking bank advice regarding a possible bid for Premier, citing people familiar with the matter.

Analysts have tipped Premier, like many independent UK oil companies, as a potential bid target for players, such as Shell, which are finding it hard to add new reserves by exploration alone.

However, some industry executives do not believe Premier management would be keen on a sale. Lockett took over as chief executive just 17 months ago and brought a new management team with him.

The company has since shifted its exploration strategy to focus on bigger impact wells and it hopes this will start to significantly add to reserves over the coming two years.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

0 Comments on “UpstreamOnline: Premier boss rejects takeover talk”

Leave a Comment

%d bloggers like this: