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Premier Oil PLC (PMO.L)

PMO.L on London Stock Exchange

70.75GBp
15 Dec 2017
Change (% chg)

1.25 (+1.80%)
Prev Close
69.50
Open
71.50
Day's High
71.50
Day's Low
70.25
Volume
2,930,235
Avg. Vol
4,392,281
52-wk High
99.50
52-wk Low
42.75

Latest Key Developments (Source: Significant Developments)

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

Premier Oil says full-year production could exceed guidance
Tuesday, 12 Jul 2016 

Premier Oil Plc : Strong production of 61.0 kboepd, with recent record rates above 80 kboepd . Full year production expected to be at or above upper end of earlier guidance of 65-70 kboepd . Opex for period of $16/boe, 14 per cent below budget; weaker sterling exchange rate will reduce cost of sterling denominated opex, capex and debt . Net debt of c. $2.6 billion at period end, flat on end q1 2016 position . Premier has agreed terms with a preferred bidder for sale of its pakistan business. . Catcher project remains scheduled to deliver first oil in second half of 2017 . Premier now forecasts capex to first oil at catcher of $1.3 billion and total project capex of $1.8 billion .Total revenues for first six months of year will be in order of $390 million.  Full Article

Premier Oil defers test of financial covenants
Friday, 1 Jul 2016 

Premier Oil Plc : Is in discussions with its lending group on terms of its existing financial facilities. These are progressing well . Lending group has agreed that test of premier's financial covenants at 30 june 2016 will be waived and replaced by a test for 12 month period ending 31 july . Deferral allows further time to agree amendments to premier's medium term covenant profile and resetting of its debt maturities . In return for proposed amendments, it is anticipated that additional security will be provided for existing debt holders . Premier expects negotiations to conclude during q3 2016. Further deferral of covenant test date will be sought if required . Continues to have access to undrawn funds within its revolving credit facility (rcf) to allow company to meet its ongoing funding requirements .Lender discussions update.  Full Article

Premier Oil says full-year production could exceed guidance
Wednesday, 11 May 2016 

Premier Oil Plc : Strong production to 30 april of 57.3 kboepd; on track to deliver at or above upper end of 2016 guidance of 65-70 kboepd for full year . Catcher project remains on schedule and below budget; pre-first oil capex forecast is 15 per cent lower due to significant cost savings . Operating costs and gross g&a tracking 10-20 per cent below 2016 budget . Significant liquidity with cash and undrawn bank facilities of c. $750 million . Formal sales process for pakistan business, initiated after an unsolicited approach, is ongoing . Capital expenditure for development and exploration for 2016 is now expected to be c. $730 million Further company coverage: [PMO.L] (London Equities Newsroom) ((+44 20 7542 7717;)).  Full Article

SBM Offshore awarded FEED contract by Premier Oil
Wednesday, 13 Jan 2016 

SBM Offshore NV:Says awarded feed for Premier Oil sea lion FPSO.Premier has awarded company front-end engineering and design (FEED) contract for an FPSO for phase 1 of its sea lion development in North Falkland basin​.‍18-month contract awarded to SBM Offshore covers feed elements of proposed FPSO​.‍Asset will be a converted FPSO with a throughput capacity of approximately 85,000 barrels per day and will operate in 450 meters of water.  Full Article

Premier Oil to sell North Sea pipeline stake to CATS

Dec 11 Premier Oil Plc will sell its 30 percent stake in a North Sea pipeline to UK gas infrastructure company CATS Management Ltd for up to 23.6 million pounds ($31.68 million), it said on Monday.