Premier Reports Record 1H Profit (UK)

Premier Oil, a UK based independent oil and gas exploration and production company has released its half year financial and operational results.

The company has reported record profit before tax of US$194.6 million (2011: US$32.5 million) and profit after tax of US$145.8 million (2011: US$88.5 million).

Production averaged 58,400 boepd (2011: 36,900 boepd) during the first half of the year, up 58 per cent, with performance in the second quarter averaging 61,000 boepd.

Simon Lockett, Chief Executive Officer, commented: “We are delighted with our achievements in the first half of the year with another set of record financial results, underpinned by strong production from our portfolio of fields.  We anticipate a further significant step up in production as our two new UK development projects come on-stream, and a high impact exploration programme with key wells such as Luno II, Lacewing and Ca Voi in the coming months. We continue to secure new high quality projects, as demonstrated through the recent Sea Lion acquisition.  With a fully funded programme and dividend commitment, our shareholders and continue to look forward to strong growth and attractive returns.”

Full-year production is estimated to be 60,000 boepd (FY 2011: 40,400 boepd), up 49 per cent. Premier estimates run rate will be 75,000 boepd once the Huntington and Rochelle fields are on-stream, rising to 100,000 boepd in the medium-term once the Catcher fields are on-stream.

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Offshore Energy Today Staff, August 23, 2012