Premier Oil rises after Rockhopper deal

Shares of FTSE 250 oil and gas firm Premier Oil rose after it announced that it will pay $231m for a 60 per cent stake in Rockhopper Exploration's licence in the Falkland Islands.

Shares of FTSE 250 oil and gas firm Premier Oil rose after it announced that it will pay $231m for a 60 per cent stake in Rockhopper Exploration's licence in the Falkland Islands.

An initial payment of $231m will be made in cash plus an exploration carry of up to $48m. Subject to field development plan approval it will also pay a development carry of up to $722m, bringing the total payment to $1bn.

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