Premier Oil shares climb on reports of bids

Nov 27 | Updated: Nov 28 2006, 09:46am hrs
Shares of Premier Oil Plc, a UK company exploring for crude oil in the North Sea, Asia and Africa, rose after reports Kuwait Petroleum Corp and Oil & Natural Gas Corp may bid for the company. The shares climbed 26 pence, or 2%, to 1339 pence in London, giving the company a market value of 1.09 billion pounds ($2.11 billion). They have gained 11% since the company said on October 23 it received a takeover offer from an unspecified suitor.

Oil & Natural Gas, Indias largest oil and gas producer, may offer to buy Premier to add assets in the North Sea and Indonesia. Kuwait Petroleum, the Middle Easts biggest fuel exporter, may also be interested in Premier. London-based Premier has allowed Dubai Energy access to carry out due diligence on the company after indicating it may make an offer of as much as 15 pounds a share.

Premier Oil spokesman Gavin Davis said the company doesnt comment on speculation.