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Premier Oil shares double as trading resumes after E.ON asset deal

Reuters - UK Focus

LONDON, Feb 1 (Reuters) - Shares (Berlin: DI6.BE - news) in British energy company Premier Oil (LSE: PMO.L - news) doubled on Monday after trading resumed following a near three-week suspension triggered by a large acquisition announcement.

Premier Oil said the cost of its takeover of E.ON's UK North Sea assets would now come to $135 million including completion adjustments.

The price has been reduced by $32 million because of the lower than expected cash position of E.ON's UK North Sea assets, Premier Oil said.

Premier Oil shares were trading up 97 percent at 37.4 pence at 0825 GMT. (Reporting by Karolin Schaps; Editing by Keith Weir)