Completion of Strategic Review of North Sea E&P Business – divestiture of UK Exploration & Production Business to Premier Oil E.ON to sell its UK E&P business to Premier Oil Transaction is the logical second step of the strategic review of the E&P North Sea business and further reinforces E.ON´s financial flexibility Strategic review of E.ON’s E&P North Sea business is hereby completed E.ON has signed an agreement to sell 100 percent of its shares in its UK E&P Subsidiaries to Premier Oil. The transaction value is $0.12 billion as at the effective date of January 1st 2015. As a result of the transaction, E.ON will also release provisions for asset retirement obligations (decommissioning obligations) associated with the business of $0.45 billion as well as realizing $0.05 billion of value for other adjustments, including the 2015 hedge positions. The transaction will therefore have a total Economic Net Debt Impact to E.ON of $0.62 billion. In addition, E.ON will retain cash of approximately $0.15 billion which existed at the effective date.

E.ON placed its North Sea E&P business under strategic review in November 2014. The UK oil and gas upstream portfolio comprises equity interests in 40 licenses, including a 5.20 percent interest in the Elgin-Franklin field, 47.00 percent interest in the Babbage field and a 50.00 percent interest in the Tolmount discovery. The divestment of E.ON E&P UK represents the second and final step in E.ON´s review process of the Exploration & Production North Sea business, following the sale of the Norway E&P business which concluded in December 2015.E.ON Michael Sen said: “The successful sale of our E&P business in the UK represents the final step of the strategic reviewhandyman services in columbia mo, with all E.ON E&P North Sea assets having now been divested. business for sale topsail ncThis transaction further strengthens our financial profile and provides flexibility to implement our strategy and to reposition the Group. business for sale peebles

The outcome demonstrates that E.ON E&P is a high performing business with a strong asset base and superbly professional employees. Premier has a long history in the UK and I am convinced that the company will continue to build on this success story in the future. I want to thank all E.ON E&P UK employees for the excellent work they have done as part of E.ON.”The transaction is subject to customary regulatory approvals as well as Premier Oil shareholder and lender approval and is expected to be closed in the first half of 2016.BackgroundPremier OilPremier Oil plc, founded in 1934 and headquartered in London, is a leading independent exploration and production company with significant oil and gas interests and operations in the North Sea, South East Asia, Pakistan and the Falkland Islands. The company produces around 60,000 boepd and it has an existing portfolio of producing, development and exploration opportunities. As at December 31, 2014, it had reserves and resources of around 800 mmboe.

This press release may contain forward-looking statements based on current assumptions and forecasts made by E.ON and other information currently available to E.ON. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. E.ON does not intend, and does not assume any liability whatsoever, to update these forward-looking statements or to conform them to future events or developments. Your PDF folder contains the following content: At present, there is no content in your PDF folder. Delete complete PDF folderThe distributors of Buckfast say there is no medical evidence to link their product to such crimes. But the criticism has cast a cloud over this tranquil rural corner of western England, where the abbey is an important part of the local economy, and the notion of being lectured about alcohol abuse by Scotland seems jarring, if not downright offensive.

The debate would probably seem strange to the creators of Buckfast tonic wine, Benedictine monks from France who arrived here in the Devon region in the 1880s and built their community on a site first occupied by a religious order nearly a millennium ago.Soon they were importing wine from Continental Europe, fortifying it and blending the sweet drink originally sold as a tonic or medicine. “It is a perfectly good drink if consumed modestly as a tonic wine,” said Richard Simpson, a lawmaker for the opposition Labour Party in the Scottish Parliament and architect of the proposed law. “It is a pity that it has become what it has become.”Criticism of Buckfast wine has little to do with its 15 percent alcohol content, which is only slightly stronger than some table wines. Instead, critics cite the combination of alcohol and caffeine, which the Food and Drug Administration has already addressed in the United States. In Scotland, there is heightened concern about the demand from younger drinkers, some of whom seem to use Buckfast as a convenient alternative to mixing alcohol with energy drinks and caffeinated soft drinks.

“There is no doubt that caffeine-alcohol mixers make wide-awake drunks,” added Mr. Simpson, a medical doctor. “You are more likely to drive, and there is much more of a sexual risk. If you drink enough alcohol you eventually become comatose, but if you combine it with caffeine you can go through a fairly aggressive phase before you become comatose.”His bill would limit the caffeine content of all alcoholic drinks. He has allies among other opposition parties, and the Scottish government says it is considering whether to give support.Under the plan, caffeine would be capped at 150 milligrams per liter of alcoholic drinks, the limit in Denmark. Buckfast contains more than double that level, or the caffeine equivalent of about three cups of freshly brewed coffee. Critics like Mr. Simpson cite a 2009 report for the Scottish prison service, based on research at an institute for young offenders, which concluded that “the salience of one brand, Buckfast tonic wine, was noteworthy.”

The brand “dominated wine consumption,” ranked as the favorite drink of four in 10 respondents, and was consumed by 43.3 percent of the respondents before they committed a crime, the report said.In 2010, the police in Strathclyde, Scotland, said Buckfast wine was mentioned in 5,638 crime reports from 2006 to 2009. The leadership of Buckfast Abbey is famously publicity-shy and, its head, Abbot David Charlesworth, declined to speak to a reporter.But Stewart Wilson, sales manager for Buckfast’s distributor, J Chandler & Company, said that while the drink is the top-selling fortified wine in Britain, it makes up just 1 percent of the alcohol market. He called the police statistics out of date, and said they unfairly singled out Buckfast wine.“In Scotland it is seen as a political football,” Mr. Wilson said. “A number of politicians use our product to get into the newspapers and to get themselves into the limelight.”The criticism often feels motivated by “religious bigotry.” he said, adding: “Alcohol is alcohol;

it needs to be consumed responsibly. If someone abuses a particular brand it is the individual who is responsible, not the brand.” Many here in Buckfast and in other towns near the scenic River Dart, defend the product that has brought jobs to an area that has lost its traditional industries.According to British media reports, the abbey received about £6.6 million, or more than $10 million, from its business interests in 2012, the majority of which came from the tonic wine. J Chandler & Company places its annual sales at about £40 million; the public relations company employed by the abbey did not respond to questions about income from the wine.Despite concerns, Buckfast Abbey is being spruced up ahead of the millennial anniversary of the first monastic settlement here in 1018. It is already one of the biggest tourist attractions in the region, employing scores of gardeners, caterers and other workers, thousands of tourists annually, though the abbey declined to release hard numbers.

“They are a very private organization, and they are not terribly visible,” Pam Barrett, deputy mayor of neighboring Buckfastleigh, said of the abbey. Buckfastleigh serves as the administrative district for the abbey. “But they do quite a lot of good in the community. It is a beautiful building and a beautiful location, which brings lots of people in.”Here in Buckfast, the tonic wine is not a common drink.“It is not to say that we don’t have problems with antisocial behavior, and there are certainly problem drinkers,” Ms. Barrett said. “It’s just that they drink a different type of alcohol.”Though blended at the abbey, the tonic wine is bottled at another site. Katie Coates, a member of the Buckfastleigh Town Council and its former mayor, said she could not remember the wine’s appearing as an issue in the four years she has served on the council.“At the end of the day it’s not different from any other alcohol,” she said. “In Scotland, they make whisky; it’s all about responsibility.”