Genel Energy, Premier Oil and Diversified Gas & Oil


Genel Energy

An AGM statement today from Genel where operations are clearly going very well. Total net WI production is 37,600 bopd running slightly ahead of the expected increase in y/y production. As one would expect the cash position is good, the company has generated almost $50m in free cash flow in the first four months of the year. Chairman Steve Whyte has announced that he will step down when a suitable replacement has been found. His tenure in office has been exceptional, in the two years or so since he has been in the job the shares have increased from 80p, production which was declining is now significantly increasing and at that time the company had unpaid receivables of $400m and debt of $142m, production and FCF are both now rising to substantial levels. How things change and shareholders at today’s AGM will be able to commend him on a job very well done.

Premier Oil

Very little to add for Premier at today’s AGM, operationally all is going well, indeed with production of 80.1 kboed the company has seen fit to up its guidance to 75-80 kboed. Tolmount powers ahead with the east appraisal well upcoming and the Zama programme is scheduled to complete next month after a highly successful operation. Net debt is now $2.25bn and reducing at the upper end of the plan, Sea Lion is also progressing well.

Core Finance CEO interview: Tony Durrant of Premier Oil

Diversified Gas & Oil

Today’s update shows Q1 production of 69/- b/d in line with the year end and April production of 70/- b/d. The figure is now 90/- b/d if you include the numbers from the HG Energy acquisition and margins are 55% in line with forecast. I understand that the company is taking a party of analysts/investors to the US to see the assets at first hand although so far no formal detail has come from the company, its brokers or the IR, watch this space…

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