E.On to sell UK exploration and production business to Premier Oil

E.On has signed an agreement to sell its UK exploration and production subsidiaries to Premier Oil for $120 million (£83 million).

The portfolio includes stakes in 40 licenses, including a 5.2 per cent interest in the Elgin-Franklin field, a 47 per cent interest in the Babbage field and a 50 per cent stake in the Tolmount discovery. The deal is expected to be close in the first half of 2016, subject to regulatory and shareholder approval.

Subscribe to New Power for full analysis, comment, interviews and data in our monthly report, and access to our database, or sign up to our FREE e-newsletter for website updates