Premier Oil PLC will change its name to Harbour Energy PLC upon the completion of its previously announced all-share merger with Chrysaor Holdings Ltd. through a reverse takeover, creating the largest London-listed independent oil and gas producer.

The deal is slated to be completed by the end of the first quarter of 2021, subject to regulatory approvals, according to a Dec. 16 news release. Premier's shareholders are expected to meet and approve the transaction on Jan. 12, 2021. The company earlier in November already secured the support of its creditors.

Upon deal completion, EIG Global Energy Partners CEO Blair Thomas will become the chairman of Harbour Energy. The combined company's board will also include Simon Henry, Anne Stevens, Anne Marie Cannon and G. Steven Farris. Three additional independent nonexecutive directors will be appointed before deal completion.

Additionally, Premier Oil CEO Anthony Durrant stepped down from the board, effective Dec. 16. Durrant will remain CEO until Dec. 31. Starting Jan. 1, 2021, Finance Director Richard Rose will take over as interim CEO, while current COO Stuart Wheaton will be interim deputy CEO. Rose and Wheaton will remain in the roles until the merger completion. Each of Premier Oil's current nonexecutive directors, except Cannon, are also anticipated to retire from the board.

In addition, Premier said the combined company is expected to commit to achieving net-zero greenhouse gas emissions by 2035.