Premier Oil Announces Trading and Operations Update

Source: 7/15/2020, Location: Europe

Premier provides an update on recent operational activities and guidance in respect of its half year financial results to 30 June 2020.

- Production averaged 67.3 kboepd to the end of June; 2020 guidance of 65-70 kboepd (before any contribution from the proposed acquired BP assets) reiterated

- Solan P3 successfully drilled and due on-stream in September; forecast to add c.10 kbopd to Group production rates in Q4

- Tolmount: final onshore commissioning of topsides underway prior to August sailaway; on track to meet previously revised Q2 2021 first gas date, adding 20-25 kboepd (net, Premier 50 per cent)

- Forecast 2020 total capex ($340 million), opex ($12/boe) and lease costs ($6/boe), reflecting $240 million of savings and deferrals secured

- Amended BP acquisitions approved by creditors, subject to agreed refinancing terms and equity funding; adds 17 kboepd (net) from targeted completion date of 30 September

- Discussions with a subset of Premier’s creditors regarding a long term extension to the Group’s credit maturities underway; aim to agree terms which can be recommended to the full lender group by the end of July

- Net debt reduced to $1.97 billion as at the end of June (31 December 2019: $1.99 billion), financial covenants waived through to end September; forecast free cash flow positive for full year 2020 at current forward curve

Tony Durrant, Chief Executive, commented:

“The continued underlying performance of our core assets along with the decisive action we have taken to reduce our expenditure during the first half has resulted in our net debt remaining broadly flat despite significantly weaker commodity prices during the period. This, together with the expected agreement on the amendments to our credit facilities and the completion of the value-accretive BP acquisitions, positions us well to benefit from a recovering oil price.”

Gabon >>  5/12/2022 - - Debt refinanced on favourable terms
o Five-year bank loan for $255 million, including $67 million as a revolving credit facility
o Six-y...

Norway >>  5/12/2022 - TGS today reported interim financial results for Q1 2022.

Total revenue amounted to USD 132 ...

Trinidad and Tobago >>  5/12/2022 - Touchstone Exploration Inc. ("Touchstone") (TSX) reports its operating and financial results for the three months ended March 31, 2022. Selected info...
Canada >>  5/11/2022 -  The board of directors of Dominion Energy has declared a quarterly dividend of 66.75 cents per share of common stock.

Dividends are payab...

Colombia >>  5/11/2022 - GeoPark Limited, a leading independent Latin American oil and gas explorer, operator and consolidator, announces that its Board of Directors has decla...
Greece >>  5/11/2022 - GasLog Ltd. announced a dividend of $0.546875 per share on its 8.75% Series A Cumulative Redeemable Perpetual Preference Shares, payable on July 1, 20...

Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.