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Premier Oil Now Expects To Be Free Cash Flow Positive (After Interest) For Full Year
Premier Oil Says Co It Will Not Be Pursuing Purchase Of Additional Stake In Tolmount
Premier Oil Says It Expects To Be Cash Flow Neutral In 2020
Premier Oil plc is an independent exploration and production company with oil and gas interests in the North Sea, South East Asia, the Falkland Islands and Latin America. The Company is engaged in the business of upstream oil and gas exploration and production. The Company's operations are located and managed in six business units: the Falkland Islands, Indonesia (including Mauritania), the United Kingdom, Vietnam and the Rest of the World. In total, the Company manages approximately 760 million barrels of oil equivalent (mmboe). The Company has production rates of over 90 thousand barrels of oil equivalent per day (kboepd). The Company focuses on producing 68 to 73 kboepd. The Company's four-well North Falklands Basin campaign targets multiple stacked fans in PL004 and PL032 using the Eirik Raude rig. The Company owns an interest in over two licenses, such as Natuna Sea Block A and Kakap.
Oil & Gas Operations
23 Lower Belgrave Street
Roy Alexander Franklin
Non-Executive Independent Chairman of the Board
Anthony R. C. Durrant
Chief Executive Officer, Executive Director
Richard A. Rose
Finance Director, Executive Director
Group General Counsel
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Price To Book (MRQ)
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* PREMIER OIL CEO SAYS TALKS WITH CREDITORS ARE ABOUT DEBT MATURITY EXTENSION OF AROUND 4 TO 5 YEARS
Premier Oil <PMO.L> said on Thursday it will not acquire the additional 25% interest in the Tolmount gas project from South Korea's Dana Petroleum, while its creditors approved the acquisition of BP's <BP.L> North Sea assets under the amended terms.
Premier Oil is asking BP to cut the sale price of two North Sea oilfields in a proposed $625 million deal due to weak oil prices, Chief Executive Tony Durrant said on Wednesday.
* 30% OF 2020 VOLUMES HEDGED AT $60/BOE INCLUDING C.50% OF Q2 OIL PRODUCTION AT $64/BBL
A British court on Wednesday approved Premier Oil's plans to extend debt maturities by two years and raise up to $500 million in equity to buy North Sea assets from BP and others, but the deal depends on market conditions, Premier said.
UK oil producer Premier Oil <PMO.L> on Friday said it had identified at least $100 million in potential savings on its 2020 capital spending plans as it and other rivals scramble to adjust to the plunge in global crude prices.
UK oil producer Premier Oil on Friday said it had identified at least $100 million in potential savings on its 2020 capital spending plans as it and other peers scramble to adjust to the plunge in global prices of crude.
British North Sea-focused oil and gas producer Premier Oil has committed to carbon neutral operations at its fields by 2030, reporting a record free cash flow of $327 million last year, up around 30% and boosted by its flagship Catcher field.
* PREMIER OIL CEO SAYS EXPECTS PLANNED $500 MILLION CAPITAL RAISE TO BE WEIGHTED TOWARDS NON-DILUTIVE RIGHTS ISSUE
British North Sea oil and gas producer Premier Oil's 2019 profit after tax rose by just under a quarter to $164 million, it said on Thursday, its highest since at least 2014.
Premier Oil's <PMO.L> biggest lender on Friday raised fresh concerns over the company's plan to have its creditors vote on planned acquisitions of North Sea assets under a scheme that allows it to delay debt repayments and issue new shares.
Hedge fund Asia Research and Capital Management (ARCM) on Friday raised fresh concerns over Premier Oil's plan to have its creditors vote on the planned acquisition of North Sea assets under a scheme that allows it to delay debt repayments and issue new shares.
Indebted Premier Oil <PMO.L> won permission from a court on Thursday to have its creditors vote on planned acquisitions of North Sea assets for around $800 million under a scheme that would allow it to delay debt repayments and issue new shares.
Premier Oil <PMO.L> is set to buy North Sea assets from BP <BP.L> and increase its stake in the Tolmount gas project, funded by a $500 million (379.97 million pounds) rights issue, but faces opposition from hedge fund ARCM, which vowed to fight the plans.
* PREMIER OIL CEO SAYS "EXTREMELY POSITIVE" RESPONSE FROM SHAREHOLDERS GIVES "COMFORT" IN TERMS OF PLANNED DEALS, RIGHTS ISSUE
Premier Oil's <PMO.L> largest creditor, hedge fund Asia Research and Capital Management (ARCM), said it would oppose the plan announced by the company on Tuesday to extend its debt maturity and pursue a number of acquisitions.
Premier Oil's largest creditor, hedge fund Asia Research and Capital Management (ARCM), said it would oppose the plan announced by the company on Tuesday to extend its debt maturity and pursue a number of acquisitions.
Premier Oil is set to buy stakes in North Sea oilfields Andrew and Shearwater from BP for $625 million and increase its stake in the Tolmount gas project buying a bigger stake from Dana for $191 million, Premier said on Tuesday.
Premier Oil <PMO.L> said on Thursday production would come in at the top end of its forecast range this year, driven by its flagship North Sea Catcher field, and that it would cut debt by more than the $300 million (£234.45 million) previously promised.
Premier Oil said on Thursday it expects annual production at the upper end of a previous forecast, banking on higher output from its flagship Catcher field in the British North Sea, and said its debt pile had reduced by $300 million.
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