News listings

energy-pedia general news

Premier Oil announces trading and operations update


16 May 2019

Photo - see caption

Premier Oil has announced a Trading and Operations Update ahead of its Annual General Meeting which is being held today at 11.00 at 11 Cavendish Square, London.

Highlights

  • Year to date production of 85.1 kboepd, up 14 per cent on prior year corresponding period
  • 2019 full year production guidance increased to 75-80 kboepd
  • Guidance unchanged for 2019 opex ($13/boe, excluding lease costs) and capex ($340m)
  • Tolmount, Premier’s next UK growth project, progressing to schedule and on budget
  • Tolmount East appraisal well to spud in July; Greater Tolmount Area 3D seismic survey completed
  • Positive results from Block 7 Zama (Mexico) appraisal campaign, on track to complete in June
  • Net debt reduced to $2.25bn; forecast 2019 net debt reduction at upper end of $250m to $350m guidance, at current oil prices
  • Forecast year end covenant leverage ratio of less than 2.3x, at current oil prices

Tony Durrant, Chief Executive, commented:

'We continue to deliver ahead of plan.  Production and free cash flow are ahead of forecast for 2019 and, consequently, we are reducing our debt faster than anticipated.  At the same time, we are making good progress on our growth projects.  We look forward to concluding the Zama appraisal campaign and to spudding Tolmount East, which has the potential to deliver a step change in value to the already high return Tolmount Main project.'

Click here for full announcement

Source: Premier Oil





Bookmark and Share


A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.


Subscriber Only Deals

Current deals: 1684
Completed deals: 5145

Company Profiles

Current Company Profiles: 2631

Corporate Activity

Current Corporate Activity articles: 3236

Companies Looking

Current number of articles: 425

Company Sales

Current Company Sales articles:1344

Geostudies

Current Geostudies articles: 626

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...


energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...



energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...

Subscribe

Subscribe to the FREE
energy-pedia Daily Newsletter
Subscribe

RSK Logo 149
OPC
Lynx Information Systems
Union Jack Oil 149
Rose & Assocs 149
EP Consult Energies
count geophysics
Government of South Australia
Geoespace
energy365
SLR Consulting logo
Bayphase
KL Publishing
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans
UNITED KINGDOM

Tel: +44(0)1727 822675

Email: info@energy-pedia.com