Premier Expands In North Sea With $340M EnCore Buy

Law360, New York (October 5, 2011, 6:53 PM EDT) -- U.K.-based oil exploration company Premier Oil PLC announced Wednesday it would acquire EnCore Oil PLC in a £221 million ($340 million) all-cash deal, broadening its reach in coveted drilling waters in the North Sea.

The deal will give Premier 15 percent greater interest in prime drilling grounds in the Catcher field, one of the largest discoveries in the U.K. North Sea, and add some 17 billion barrels of discovered oil to its reserves, the company said Wednesday.

EnCore, a smaller independent exploration firm that is focused...
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