Tuesday 12 July 2016

Premier today provides an update on recent operational activities and guidance in respect of its half year financials to 30 June 2016. The Group’s Half-Yearly Results will be published on Thursday 18 August 2016.

• Strong production of 61.0 kboepd, with recent record rates above 80 kboepd; full year production expected to be at or above the upper end of earlier guidance of 65-70 kboepd
• Solan ramping up to 14 kbopd from P1, currently at 11 kbopd; P2 completed, successfully tested and will be tied in shortly
• Integration of E.ON UK assets completed; portfolio performing strongly
• Catcher on schedule with the FPSO hull now in Singapore; further cost reductions secured, with capex now 20 per cent lower than at sanction
• Opex for the 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; as previously announced, negotiations with lenders are progressing well with the main covenant test deferred while discussions are finalised

More - http://www.premier-oil.com/premieroil/media/press/...