Edition:
United Kingdom

Premier Oil PLC (PMO.L)

PMO.L on London Stock Exchange

80.80GBp
19 Nov 2018
Change (% chg)

-1.00 (-1.22%)
Prev Close
81.80
Open
81.50
Day's High
83.05
Day's Low
77.80
Volume
20,866,427
Avg. Vol
8,944,360
52-wk High
146.90
52-wk Low
65.05

Latest Key Developments (Source: Significant Developments)

Premier Oil Says 2018 Production Guidance Unchanged
Thursday, 23 Aug 2018 

Aug 23 (Reuters) - Premier Oil PLC ::2018 PRODUCTION GUIDANCE UNCHANGED AT 80-85 KBOEPD.FORECAST OPEX OF US$17-US$18/BOE AND CAPEX OF US$380 MILLION UNCHANGED FOR 2018.TOLMOUNT PLATFORM CONSTRUCTION TO START IN DECEMBER.HY PROFIT AFTER TAX MORE THAN DOUBLED TO US$98.4 MILLION (2017 1H: US$40.7 MILLION).ZAMA APPRAISAL PROGRAMME TO COMMENCE IN Q4.HY OPEX OF US$17.2/BOE, 5 PER CENT BELOW BUDGET.FORECAST FULL YEAR NET DEBT REDUCTION OF US$300 TO US$400 MILLION.2018 PRODUCTION GUIDANCE UNCHANGED AT 80-85 KBOEPD.FORECAST FOR 2018 OPEX OF US$17-US$18/BOE AND CAPEX OF US$380 MILLION UNCHANGED.FORECAST FULL YEAR NET DEBT REDUCTION OF US$300 TO US$400 MILLION.  Full Article

Premier Oil Says Tolmount Development Sanctioned
Monday, 20 Aug 2018 

Aug 20 (Reuters) - Premier Oil PLC ::TOLMOUNT DEVELOPMENT SANCTIONED.PREMIER OIL-TOLMOUNT MAIN PROJECT MOVES TO EXECUTION PHASE WITH CONSTRUCTION WORKS SCHEDULED TO START LATER THIS YEAR; FIRST GAS TARGETED FOR Q4 2020.TOLMOUNT MAIN GAS FIELD IS EXPECTED TO PRODUCE AROUND 500 BCF OF GAS (96 MMBOE) WITH PEAK PRODUCTION OF UP TO 300 MMSCFD (58 KBOEPD).PREMIER'S SHARE OF CAPEX REQUIRED TO DEVELOP LARGE GAS FIELD IS ESTIMATED AT US$120 MILLION FOR TOLMOUNT DEVELOPMENT.  Full Article

Premier Oil CEO: will look at possible acquisitions in UK North Sea
Thursday, 12 Jul 2018 

July 12 (Reuters) - Premier Oil PLC ::PREMIER OIL CEO SAYS ITS OIL PROJECTS IN MEXICO HAVE SO FAR NOT ENCOUNTERED PROBLEMS WITH NEW GOVERNMENT.PREMIER OIL CEO SAYS NEEDS TO SEE OIL PRICE ABOVE $75/BBL FOR LONGER BEFORE CONSIDERING SHAREHOLDERS PAY-OUTS.PREMIER OIL CEO SAYS WILL LOOK AT POSSIBLE ACQUISITIONS IN UK NORTH SEA, FOCUS ON EXISTING PRODUCTION, EXPECTS BANKS TO SUPPORT SUCH PROJECT.  Full Article

Premier Oil Maintains FY Production Forecast
Thursday, 12 Jul 2018 

July 12 (Reuters) - Premier Oil PLC ::PRODUCTION AVERAGED 76.1 KBOEPD DURING 1H.FULL YEAR PRODUCTION GUIDANCE OF 80-85 KBOEPD IS UNCHANGED.CATCHER PLATEAU PRODUCTION RATES OF 60 KBOPD CONSISTENTLY ACHIEVED FOLLOWING COMMENCEMENT OF GAS EXPORT AND WATER INJECTIVITY IN MAY.FULL YEAR FORECAST 2018 OPERATING COSTS OF $17-$18/BOE.NET DEBT REDUCED TO $2.65 BILLION IN HY.FULL YEAR NET DEBT REDUCTION ESTIMATED AT BETWEEN $300 MILLION AND $400 MILLION.IN UK, PREMIER'S OPERATED CATCHER AREA AVERAGED 13.3 KBOEPD FOR FIRST HALF."CATCHER DELIVERING STABLE PLATEAU PRODUCTION IS AN IMPORTANT MILESTONE".SIGNIFICANT FREE CASH FLOW GENERATION AND MATERIAL DEBT REDUCTION EXPECTED IN SECOND HALF.OVER FIRST SIX MONTHS OF YEAR OPERATING COSTS AVERAGED $17.3/BOE, 5 PER CENT BELOW BUDGET.FULL YEAR GUIDANCE FOR OPERATING COST PER BARREL OF OIL EQUIVALENT OF $17-$18 IS MAINTAINED.GUIDANCE FOR 2018 FULL YEAR DEVELOPMENT, EXPLORATION AND ABANDONMENT SPEND REMAINS UNCHANGED AT $380 MILLION.FIRST HALF PRODUCTION WAS ALSO IMPACTED BY PLANNED SHUTDOWNS AT HUNTINGTON AND SOLAN FIELDS AND LOWER SINGAPORE GAS DEMAND.  Full Article

Premier Oil says debt can fall below $2 bln by end 2019
Wednesday, 16 May 2018 

May 16 (Reuters) - Premier Oil PLC ::PREMIER OIL CEO EXPECTS TOLMOUNT FINAL INVESTMENT DECISION (FID) IN Q3 THIS YEAR, FALKLANDS SEA LION FID MIGHT NOT HAPPEN THIS YEAR.PREMIER OIL CEO SAYS DEBT CAN FALL BELOW $2 BILLION BY END 2019.PREMIER OIL CEO SAYS MOMENT TO REINSTATE DIVIDEND IS WITH MORE THAN PLANNED CASH FLOW WINDFALL FROM SPIKING OIL PRICES, “I’M NOT SURE I’M QUITE THERE ON THE SPIKE YET”.PREMIER OIL CEO SAYS ABOUT MEXICO'S BLOCK 30 LOOKING AT 2020 APPRAISAL WELL DRILLING.  Full Article

Premier Oil Says On Track To Meet Full Year Guidance Of 80-85 Kboepd
Wednesday, 16 May 2018 

May 16 (Reuters) - Premier Oil PLC ::ON TRACK TO MEET FULL YEAR GUIDANCE OF 80-85 KBOEPD.CATCHER PRODUCTION HAS REACHED LEVELS IN EXCESS OF 60 KBOPD (GROSS) IN LAST FEW DAYS.PRODUCTION AVERAGED 74.0 KBOEPD DURING Q1.SIGNIFICANT DEBT REDUCTION ANTICIPATED FOR 2018 2H.ON TRACK TO DELIVER PLAN OF MATERIAL DEBT REDUCTION IN 2018 AND 2019 WITH SELECTIVE INVESTMENT IN FUTURE GROWTH PROJECTS FROM 2020.TOLMOUNT PROJECT SANCTION SCHEDULED FOR 2018 2H.FIRST ZAMA APPRAISAL WELL ON BLOCK 7 TO SPUD IN Q4.Q1 FREE CASH FLOW NEUTRAL, AS PER PREVIOUS GUIDANCE."IMPROVED COMMODITY PRICE ENVIRONMENT PUTS US IN A STRONG POSITION TO GENERATE SIGNIFICANT FREE CASH FLOW IN SECOND HALF OF YEAR" -CEO.NET DEBT REDUCED FROM $2.72 BILLION AT END OF 2017 TO $2.65 BILLION AT END OF Q1.FORECASTING SIGNIFICANT DEBT REDUCTION IN SECOND HALF OF 2018.ANTICIPATES COVENANT LEVERAGE RATIO FALLING TO 3X EBITDA BY YEAR END, AND REDUCING FURTHER IN 2019.  Full Article

Premier Oil sells Interests In Babbage Area To Verus Petroleum
Monday, 30 Apr 2018 

April 30 (Reuters) - Premier Oil PLC ::SALE OF BABBAGE AREA INTERESTS.ENTERED INTO A SALE AND PURCHASE AGREEMENT TO SELL ITS INTERESTS IN BABBAGE AREA TO VERUS PETROLEUM SNS LTD.INTERESTS INCLUDE 47 PER CENT INTEREST IN BABBAGE GAS , 50 PERCENT INTEREST IN COBRA DISCOVERY AND CERTAIN OUTSTANDING EXPLORATION COMMITMENTS.TRANSACTION VALUE COMPRISES £62.9 MILLION IN RESPECT OF BABBAGE FIELD INTEREST.IN ADDITION, VERUS WILL TAKE ON EXPLORATION COMMITMENTS VALUED AT £17 MILLION RESULTING IN CASH PROCEEDS OF £45.9 MILLION TO CO.ANTICIPATES RECORDING A BOOK GAIN ON DISPOSAL ESTIMATED AT OVER $70 MILLION.  Full Article

Premier Oil Says ‍Full Year Production Up 5 Pct To 75 Kboepd
Thursday, 11 Jan 2018 

Jan 11 (Reuters) - Premier Oil Plc ::FULL YEAR PRODUCTION OF 75 KBOEPD IN LINE WITH GUIDANCE, UP 5% ON 2016​.‍FIRST OIL ACHIEVED FROM CATCHER ON 23 DECEMBER ON SCHEDULE AND UNDER BUDGET​.‍2017 OPEX PER BARREL OF US$16.5/BBL​.‍2017 ESTIMATED TOTAL CAPEX OF US$305 MILLION, BELOW REVISED GUIDANCE OF US$325 MILLION​.‍POSITIVE FREE CASHFLOW, NET DEBT DOWN TO US$2.7 BILLION AS AT 31 DECEMBER 2017​.‍2018 PRODUCTION GUIDANCE OF 80-85 KBOEPD, ALLOWING FOR RAMP UP FROM CATCHER AND ADJUSTED FOR 2017 DISPOSALS​.‍CATCHER PRODUCTION PLANNED TO RAMP UP IN 1H REACHING PEAK GROSS PRODUCTION OF 60 KBOPD.‍2018 OPEX PER BARREL EXPECTED TO BE US$17-18/BBL​.‍2018 DEVELOPMENT AND EXPLORATION CAPEX GUIDANCE OF CUS$300 MILLION​.‍DEBT REDUCTION WILL ACCELERATE AT CURRENT OIL PRICES AS CATCHER PRODUCTION RAMPS UP​.  Full Article

Premier Oil Says To Sell Entire Equity Interest In Esmond Transportation System Pipeline
Monday, 11 Dec 2017 

Dec 11 (Reuters) - Premier Oil Plc ::HAS ENTERED INTO A SALE AND PURCHASE AGREEMENT TO SELL ITS ENTIRE EQUITY INTEREST IN ESMOND TRANSPORTATION SYSTEM ("ETS") PIPELINE TO CATS MANAGEMENT LIMITED​.‍PREMIER WILL RECEIVE CASH CONSIDERATION OF UP TO £23.6 MILLION ($31.6 MILLION) FOR ITS ENTIRE 30 PER CENT INTEREST IN ETS​.‍EFFECTIVE DATE OF SALE IS 1 JANUARY 2017​.‍PREMIER EXPECTS SALE TO COMPLETE IN 1H 2018​.  Full Article

Premier oil says ‍production averaged 76.6 kboepd year-to-date
Thursday, 16 Nov 2017 

Nov 16 (Reuters) - Premier Oil Plc :PRODUCTION AVERAGED 76.6 KBOEPD YEAR-TO-DATE WITH PLANNED 3Q MAINTENANCE COMPLETED​.‍ON TRACK TO MEET PREVIOUSLY INCREASED FULL YEAR GUIDANCE OF 75- 80 KBOEPD​.‍CATCHER ON SCHEDULE FOR FIRST OIL DURING DECEMBER​.‍DISPOSAL PROGRAMME ONGOING INCLUDING SALE OF WYTCH FARM FIELD FOR $200 MILLION​.‍FORECAST 2017 OPERATING COSTS OF C$16/BBL AND GROSS G&A OF $150 MILLION, BELOW BUDGET AND IN LINE WITH PREVIOUS GUIDANCE​.‍FORECAST 2017 DEVELOPMENT, EXPLORATION AND ABANDONMENT EXPENDITURE EXPECTED TO BE $300-310 MILLION, DOWN FROM PREVIOUS GUIDANCE OF $325 MILLION​.‍FORECAST 2017 DEVELOPMENT, EXPLORATION AND ABANDONMENT EXPENDITURE EXPECTED TO BE $300-310 MILLION, DOWN FROM PREVIOUS GUIDANCE OF $325 MILLION​.‍NET DEBT OF $2.8 BILLION AT 30 SEPTEMBER; DEBT REDUCTION FORECAST AT YEAR END, INCLUDING EFFECTS OF ONGOING PLANNED DISPOSALS​.  Full Article

Mexican oil regulator approves $380 mln investment for 2019 projects

MEXICO CITY, Nov 15 Mexico's oil regulator approved drilling plans on Thursday for five offshore projects with investment commitments totaling about $380 million, more than half of which was pledged for a shallow water block operated by Talos Energy.