The combination of UK-listed Premier Oil and private equity-backed player Chrysaor through a reverse takeover to create Harbour Energy is expected to complete on 31 March after the deal cleared its latest set of regulatory hurdles, Premier said on Tuesday.

"Premier Oil and is pleased to announce that all of the regulatory conditions relating to the company’s merger with Chrysaor have now been satisfied and all of the requisite anti-trust approvals have been received," Premier said.

The deal has been approved by the UK Oil & Gas Authority and won anti-trust approval from the authorities in Mexico, where Premier holds interests.

But it still needs to be sanctioned in the Scottish Court, which is expected to take place on 19 March.

"Assuming the Scottish Court sanctions the restructuring plans, Premier expects the transaction to complete on 31 March with Premier’s shares to be readmitted to trading on 1 April as Harbour Energy," the statement read.

Announced in October, the merger is set to create the largest independent oil and gas company listed on the London Stock Exchange with production of more than 250,000 barrels of oil equivalent per day and combined proven and probable reserves of 717 million boe.

The name is being adopted from Harbour Energy, the investment firm run by former Shell executive Linda Cook, which is also Chrysaor's main backer and which is expected to own up to 39.021% of the new group.

Cook is set to become chief executive of the new business.

Finance

Premier-Chrysaor deal to create Harbour Energy clears regulatory hurdles