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Premier Oil Provides a Trading and Operations Update

Source: www.gulfoilandgas.com 1/7/2020, Location: Asia

Premier provides a Trading and Operations Update ahead of its 2019 Full Year Results, which will be announced on Thursday 5 March 2020. Separately, the Group has announced accretive and strategic UK North Sea acquisitions, underwritten financing and a proposed extension of its credit facilities.

Highlights

- 2019 production of 78.4 kboepd, at the upper end of full year guidance, underpinned by high operating efficiency and continued high rates from the Premier-operated Catcher Area

- BIG-P (Indonesia) First Gas delivered on schedule and below budget, supporting higher Singapore offtake in Q4 2019

- Tolmount (UK) on budget and on track for First Gas by 2020 year end, adding 20-25 kboepd (net, Premier 50 per cent interest); Tolmount East development planning underway ahead of targeted sanction in 2020 2H

- Sea Lion (Falkland Islands) Heads of Terms signed with Navitas Petroleum to farm in for a 30 per cent interest in the Sea Lion project; discussions progressing with senior lenders regarding project financing

- Tuna PSC (Indonesia): Heads of Terms signed for a full carry on a two well appraisal campaign

- Zama (Mexico): unitisation process progressed with the formal notice confirming a shared reservoir submitted to the regulators in December; sales process ongoing following successful appraisal campaign

- Exploration portfolio materially enhanced with the capture of new acreage in the Andaman Sea (Indonesia) and on the Alaska North Slope; pipeline of near-term high value E&A wells including Malguk-1 appraisal (Alaska) and Berimbau/Maraca (Brazil).

- Estimated 2019 total capex of US$300 million and opex (ex-lease costs) of US$11/boe, both below original guidance

- Net debt reduced by over US$330 million from US$2.33 billion to US$1.99 billion, in line with guidance

Tony Durrant, Chief Executive, commented:
“Premier’s strong operational performance in 2019 has generated significant free cash flow for the Group enabling us to materially reduce our debt levels and to invest selectively in our portfolio for future growth. The Tolmount development is making good progress and will provide a step up in Group production once on-stream at the end of this year. We also look forward to drilling our first well in Alaska, a potentially transformational well for Premier.”

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