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Premier Oil says debt pile remained “broadly flat” through first half

Net debt reduced to US$1.97bn on June 30, from US$1.99bn at the end of December.

Premier Oil PLC - Premier Oil says debt pile remained “broadly flat” through first half

Premier Oil PLC (LON:PMO) told investors that its debt pile has remained “broadly flat” amidst the downturn as its production form core assets held up during the first half of 2020.

The company, in a statement, said that production averaged 67,300 barrels oil equivalent per day in the six months to June 30, in line with guidance for 65,000 to 70,000 boepd.

READ: Premier Oil agrees new terms with BP

"The continued underlying performance of our core assets along with the decisive action we have taken to reduce our expenditure during the first half has resulted in our net debt remaining broadly flat despite significantly weaker commodity prices during the period. 

“This, together with the expected agreement on the amendments to our credit facilities and the completion of the value-accretive BP acquisitions, positions us well to benefit from a recovering oil price."

Premier noted that talks are continuing with a subset of its creditors over a potential long term extension to credit maturities and the aim is it agree terms that can be recommended to the full lender group by the end of July.

Net debt reduced to US$1.97bn on June 30, from US$1.99bn at the end of December, covenants have been waived through to September and the company said it is currently forecasted to be free cash flow positive for full year 2020.

Quick facts: Premier Oil PLC

Price: 13.03 GBX

LSE:PMO
Market: LSE
Market Cap: £120.6 m
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