logo-loader
EnergyOil & Gas
viewPremier Oil PLC

Premier Oil boasts significant cash flow as output continues to rise

Premier oil forecasts a production rate of 80,000 boepd for the full year

oil and gas operations
The ramp up continues

Premier Oil PLC (LON:PMO) told investors that it has produced 78,400 barrels oil equivalent per day in the year to date, compared to 76,200 boepd in the first six months of the year.

It forecasts a production rate of 80,000 boepd for the full year.

The producer highlighted that the 50% owned Catcher area has frequently achieved record rates of over 70,000 boepd gross.

READ: Deluge of date shows Horse Hill’s Kimmeridge is “commercially viable”

"Premier is now generating significant free cash flow,” said Tony Durrant, Premier chief executive.

“Our portfolio is currently producing 85-90 kboepd, our low-cost base has been maintained and our capital spend is tightly controlled.

“We are on track to deliver material debt reduction in 2018 through 2019, substantially improving our balance sheet. 

“We look forward to the appraisal of our world-class Zama discovery, starting later this month, and the commencement of construction activities for our high-value Tolmount gas project in December."

Premier added that operating costs are expected to be unchanged, at US$17 to U$18 per barrel, and, its forecast expenditure for development, exploration and abandonment is seen at US$365mln, down from US$380mln.

At October 31, net debt reduced to US$2.52bn and the year-end net debt forecast is set at US$2.4bn.

Quick facts: Premier Oil PLC

Price: 84.1116 GBX

LSE:PMO
Market: LSE
Market Cap: £699.25 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

BigDish CEO Sanj Naha updates on rollout as London goes live

BigDish PLC's (LON:DISH) Sanj Naha speaks to Proactive London's Andrew Scott as the platform officially goes live in London. ''London's got huge potential'', he says. ''There's three key hub areas where there's a large volume of restaurants - there's scope to have hundreds of restaurants...

26 minutes ago

RNS

Tolmount East success

4 hours, 20 minutes ago

Holding(s) in Company

1 week, 1 day ago

Holding(s) in Company

1 week, 3 days ago

Holding(s) in Company

1 week, 6 days ago

2 min read