Profits slump, but Premier Oil production rises to new record

Half-year profits at Edinburgh-registered Premier Oil dived this year to $40.7 million after tax, compared to $167.1 million last year.

However, Premier pumped a record output of 82.1 kboepd –  an increase of 34.5% on the prior period (1H 2016: 61.0 kboepd).

And Chief Executive Tony Durrant described this as an ‘excellent operational performance, which will drive free cash flow and the reduction of net debt.’

He added: “The first half saw good progress on our Catcher and Tolmount projects, a world class exploration success in Mexico and the acceleration of cash flow from disposals.

“Following the successful completion of our refinancing, we are ahead of plans to restore financial strength while progressing a number of exciting projects for future growth.”

Meanwhile, Premier’s Catcher field is on schedule for first oil by the end of this year, with higher than expected production now anticipated.

25 Aug 2017

 

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