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Premier Oil PLC (PMO.L)

PMO.L on London Stock Exchange

126.30GBp
18 May 2018
Change (% chg)

4.80 (+3.95%)
Prev Close
121.50
Open
120.70
Day's High
127.00
Day's Low
119.10
Volume
14,536,878
Avg. Vol
11,432,054
52-wk High
127.00
52-wk Low
42.75

Latest Key Developments (Source: Significant Developments)

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

Premier Oil announces listing application of 1.7 mln ordinary shares ​
Thursday, 26 Oct 2017 

Oct 26 (Reuters) - Premier Oil Plc :‍APPLICATION HAS BEEN MADE TO FCA AND LSE FOR ADMISSION OF 1.7 MILLION ORDINARY SHARES OF 12.5 PENCE EACH ​.‍EXPECTED THAT ADMISSION WILL TAKE PLACE ON 27 OCTOBER 2017​.APPLICATION IN CONNECTION WITH QUARTERLY INTEREST PAYMENT, DUE ON 27 OCTOBER 2017, TO HOLDERS OF COMPANY'S $245 MILLION CONVERTIBLE BONDS​.  Full Article

Premier Oil defers test of financial covenants
Thursday, 1 Sep 2016 

Premier Oil Plc : Lender discussions update . As previously announced, premier is in discussions with its lending group on terms of its existing financial facilities . These continue to progress well . While these discussions continue premier has been receiving monthly deferrals in respect of tests of its financial covenants . Therefore, and as anticipated, test for 12 month period ending 31 August 2016 has been waived and replaced by a test for 12 month period ending 30 September 2016 .Premier expects to continue to receive monthly deferrals of test of its financial covenants until negotiations conclude..  Full Article

Premier Oil raises full-year production guidance
Thursday, 18 Aug 2016 

Premier Oil Plc : H1 pretax profit 5.0 million usd . Says H1 profit after tax of us$167.1 million, including e.on negative goodwill credit of us$106.9 million (2015 h1: loss of us$375.2 million) . Says H1 operating costs of us$16.5/boe, 14 per cent below budget . Says H1 production averaged 61.0 kboepd (2015 h1: 60.4 kboepd) . Says weaker sterling exchange rate positively impacts forward opex, capex and debt . Says in H2 co will transition from a period of heavy investment to one where at oil prices above $45/bbl we can generate free cash flow . Says full year production guidance raised to 68-73 kboepd .Says catcher on schedule for 2017 first oil, capex 20 per cent lower than at sanction.  Full Article

Premier Oil says lending group defers test of its covenants
Monday, 1 Aug 2016 

Premier Oil Plc : Lender discussions update . Test for 12 month period ending July 31 2016 will now be waived and replaced by a test for 12 month period ending Aug. 31 2016 .Lending group agreed to further deferral of test of co's financial covenants while talks around co's debt arrangements continue.  Full Article

UPDATE 1-Premier Oil says debt reduction on track as output grows

LONDON, May 16 Premier Oil said on Wednesday it is heading for a "material" reduction of its $2.7 billion debt pile, with its Catcher field ramp-up reaching a promised 60,000 barrels per day as oil prices trade at their highest in more than three years.