Execution of Shareholder Agreements for EIIC JV
Posted on February 18, 2008 – 12:09 pm | by oilandgaspress.com
Premier is pleased to announce the execution of shareholder agreements with Emirates International Investment Company LLC (“EIIC”) to form two new joint venture companies to pursue the acquisition of upstream oil and gas assets across the Middle East and North Africa region. The new companies will be headquartered in Abu Dhabi.
The first joint venture to be known as PREMCO will be owned 49% by Premier and 51% by EIIC and will hold all joint venture assets which are acquired in the U.A.E. In the event of a change of control of Premier Oil plc, EIIC will have a pre-emptive right to purchase Premier’s 49% of this joint venture at fair market value.
The second joint venture to be known as PREMBV, will be owned 50% by Premier, 50% by EIIC, and will hold all joint venture assets which are acquired in the Middle East and North Africa region (excluding the U.A.E).
At the formation of the joint ventures, there will be no assets or profits attributable to these new entities. Future acquisitions of new assets by each joint venture will be funded by Premier and EIIC in accordance with their relevant percentage holding of that joint venture.
This joint venture partnership will enable Premier to access acquisition opportunities across the Middle East and North Africa region via EIIC’s relationship networks, whilst EIIC will benefit from Premier’s industry expertise and operating capabilities.
Simon Lockett, Chief Executive, commented:
“We are delighted to have executed shareholder agreements with EIIC and look forward to working together to build a material oil and gas business across the Middle East and North Africa. A number of potential projects have already been identified”
16 January 2008
ENQUIRIES
Premier Oil plc Tel: 020 7730 1111
Simon Lockett
Tony Durrant
Pelham PR
James Henderson Tel: 020 7743 6673
Gavin Davis Tel: 020 7743 6677
Notes for Editors:
Emirates International Investment Company (EIIC) is a leading Abu Dhabi based private holding company. Founded in 1999, EIIC focuses on investments in various growth sectors across the Gulf countries, the Middle East, North Africa and Europe. Sectors of interest include industries, real estate and energy.
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