Premier Oil Set To Merge With North Sea Rival

Premier Oil this morning announced that it had agreed to merge with fellow North Sea explorer Chrysaor in a deal which will make the firm the largest independent London listed oil company. Shares in the firm leapt 10.9 percent as markets opened this morning. The deal will see Premier’s $2.7bn debt pile, which has been weighing on the firm’s profitability for years, paid off and canceled. Its creditors will receive a $1.2bn cash payment. The FTSE 250’s shareholders are expected to own up to 5.45 percent of the new group, while…