Premier Oil shares suspended ahead of possible M&A announcement

Premier Oil shares have been suspended from trading on Wednesday morning pending the announcement of a potential acquisition of assets which may be classed as a reverse takeover under the Financial Conduct Authority listing rules.

As as result, the exploration and production company has requested the temporary suspension of trading in its ordinary shares while it seeks clarification from the UK Listing Authority.

Premier said a further update will be provided shortly.

Reuters cited sources as saying that Premier was set to buy Germany utility E.ON's oil and gas assets in the North Sea.

The sources did not disclose the exact size of the transaction but said it was in the area of up to €150m.