* Says $1.1 bln allowances to mitigate UK oil firm tax rises - Reuters Africa

* Says $1.1 bln allowances to mitigate UK oil firm tax rises

* CEO sees tax hike benefiting North Sea deal prospects

* FD says has up to $500 mln to spend on acquisitions

* Says on track to meet 75,000 boepd target by 2012

* Shares up 3.0 pct (Adds detail, CEO, FD comment, analyst comment, share price)

By Sarah Young

LONDON, March 24 (Reuters) - Premier Oil (PMO.L: Quote) said a UK tax hike on oil producers unveiled in Wednesday's budget will have minimal impact and could aid the company's own acquisition plans by making North Sea oil assets cheaper.

"We're sat on $1.1 billion worth of UK corporation tax allowances which means that over the next few years at least, we would not have been paying cash UK taxes at all," said Chief Executive Simon Lockett in an interview on Thursday.

The UK government upped a supplementary tax on oil producers to 32 percent from 20 percent on Wednesday, in a surprise move which Lockett said could help Premier's acquisition prospects in the North Sea. [ID:nLDE72M1PB] [ID:nLDE72M21T]   Continued...