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

Report by: OGP/Segun Cole , Please email us your industry related news for publication
Follow us: @OilAndGasPress on Twitter | OilAndGasPress on Facebook

Oil and Gas News Straight from the Source

Most News articles reported on OilAndGasPress are a reflection of what is published in the media. OilAndGasPress is not in a position to verify the accuracy of daily news articles. The materials provided are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice. OilAndGasPress welcomes all viewpoints. Should you wish to provide a different perspective on the above article, please email us

Information posted is accurate at the time of posting, but may be superseded by subsequent press releases