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Premier Oil buys EnCore in 221m deal

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Old 06-10-2011, 12:12 AM
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Default Premier Oil buys EnCore in 221m deal

Premier Oil has agreed to buy North Sea explorer EnCore Oil in a 221million deal that will see the buyer pay a big premium in exchange for future growth prospects.

The 70p-per-share offer, which EnCore directors have recommended to shareholders, is 55 per cent above the target’s closing share price on the day before the bid was announced.

But sources close to Premier Oil (down 2.8p to 335.9p) pointed out the buyer has a 1.1billion tax allowance that will allow it to exploit EnCore’s fields more profitably than rivals could.

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