Premier rebuffs Ophir merger

Premier Oil has turned down a merger proposal from Ophir Energy that would have created a $5bn company, making it the fifth largest oil and gas explorer listed on the London Stock Exchange after BP, Shell, BG and Tullow. Ophir said the merger would have “provided the potential to create a well-funded, re-focused, full cycle exploration and production company”. Premier has cash flow from producing assets in the North Sea and Asia, while Ophir has a stake in Tanzania’s giant offshore gas fields, as well as exploration assets in seven other countries and jurisdictions.