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Interim Results

Premier Oil delivers record production

24 August 2017 07:58

Premier Oil delivered record production of 82.1 kboepd, an increase of 34.5% on the prior period (1H 2016: 61 kboepd)

OPERATIONAL HIGHLIGHTS:

- Catcher FPSO sailaway to North Sea imminent; positive development drilling results

- Heads of Terms signed for new infrastructure partnership for Tolmount project

- World class Zama oil discovery, offshore Mexico

- Disposal programme ongoing, including potential sale of interest in Wytch Farm field for $200m

FINANCIAL HIGHLIGHTS

- Cash flows from operations of $292m (1H 2016: $108.7m), up 168% on prior period

- Opex of $14.7/boe, down 11% on the prior period

- Positive free cash flow in 1H, reducing net debt to $2.7bn

- Profit after tax of $40.7m (1H 2016: $167.1m including one-off non-cash credits)

- Comprehensive refinancing completed

OUTLOOK

- 2017 production guidance increased to 75-80 kboepd, from 75 kboepd

- 2017 opex guidance of <$16/boe maintained, capex guidance recently lowered to $325m

- Catcher on schedule for 2017 first oil; improved field production profile now anticipated

- Further debt reduction forecast at year end at current oil prices including effects of ongoing planned disposals

- Debt reduction accelerating once Catcher on-stream; targeting leverage ratio of 3x EBITDA by end 2018

Story provided by StockMarketWire.com

Related Company: PMO

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