Updates

Premier Oil - Solan first oil boosts output

November 2016

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

As with Enquest, things are really starting to look up for Premier Oil. Half-year results were ahead of expectations, albeit largely due to one-off accountancy items. Post tax profit was US$167.1m (against a forecast loss of US$84m) helped by US$207m pre-tax credits from the E.On acquisition and lower decommissioning estimates. Net debt of US$2.63bn was as expected even though operating cash flow of US$107m was US$30m short of estimates due to working capital movements.Average production was 61,000 barrels oil equivalent per day (boepd) with the big story being first production from the Solan field, where the first producing well has already achieved 14,000 boepd and the path to predicted peak plateau for the field of 20-25,000 boe ...

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