Premier Oil provides Trading and Operations Update

Posted On November 15th, 2018 - 2:23 pm | by Oil and gas press

Premier Oil plc today provides a Trading and Operations Update for the period to 15 November 2018.

Highlights

Year-to-date production of 78.4 kboepd, up from 76.2 kboepd in the first half; forecast full-year production at around 80 kboepd

Record Catcher Area production rates of over 70 kboepd (gross) frequently achieved; contractual oil production rate expected to increase from 60 kbopd (gross) to 66 kbopd (gross) shortly

Tolmount Main gas project progressing to plan with platform construction to start in December; high value Tolmount East appraisal well scheduled to spud mid-2019

    Zama discovery (Mexico): pre-unitisation agreement approved; delivery of rig taken with first appraisal well to spud later this month

3D seismic acquisition across Andaman II (Indonesia) to commence by year-end; 3D seismic across Block 30 (Mexico) and the Greater Tolmount Area (UK) planned for 2019 1H

Babbage Area (UK) disposal on track to complete by year-end; Pakistan sale also expected to complete around year-end with government approval now received

Forecast 2018 operating costs unchanged at $17-$18/boe; forecast development, exploration and abandonment expenditure now $365 million, reduced from previous guidance of $380 million

    Net debt reduced to $2.52 billion at 31 October; year-end net debt forecast at around $2.4 billion with covenant leverage ratio forecast to fall to 3x EBITDA, in line with guidance

Source / Further information : Premier Oil plc

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