Premier Announce Trading and Operations update

Premier Announce Trading and Operations update

Premier provided an update on recent operational activities and guidance in respect of its half year financial results to 30 June 2020.


Production averaged 67.3 kboepd to the end of June; 2020 guidance of 65-70 kboepd (before any contribution from the proposed acquired BP assets) reiterated


Solan P3 successfully drilled and due on-stream in September; forecast to add c.10 kbopd to Group production rates in Q4
Tolmount: final onshore commissioning of topsides underway prior to August sailaway; on track to meet previously revised Q2 2021 first gas date, adding 20-25 kboepd (net, Premier 50 per cent)


Forecast 2020 total capex ($340 million), opex ($12/boe) and lease costs ($6/boe), reflecting $240 million of savings and deferrals secured


Amended BP acquisitions approved by creditors, subject to agreed refinancing terms and equity funding; adds 17 kboepd (net) from targeted completion date of 30 September


Discussions with a subset of Premier’s creditors regarding a long term extension to the Group’s credit maturities underway; aim to agree terms which can be recommended to the full lender group by the end of July


Net debt reduced to $1.97 billion as at the end of June (31 December 2019: $1.99 billion), financial covenants waived through to end September; forecast free cash flow positive for full year 2020 at current forward curve


Source / More information : Premier Oil


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