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MarketScreener Homepage  >  Equities  >  BUDAPEST STOCK EXCHANGE  >  MOL Plc    MOLB   HU0000153937

MOL PLC (MOLB)
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MOL : Premier Oil keen on bigger slice of Catcher field in North Sea

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03/08/2018 | 10:25am CEST

LONDON (Reuters) - Premier Oil is interested in increasing its 50 percent interest in the Catcher North Sea oilfield that produced first oil in December, Chief Executive Tony Durrant told Reuters on Thursday.

"We would love to have more of Catcher. It depends on the structure of the sale," Durrant said when asked whether Premier was looking at a 20 percent stake in the field that banking sources said is earmarked for sale by MOL.

Catcher is expected to reach production of 60,000 barrels per day (bpd) in April, bringing Premier's 2018 output guidance to 80,000-85,000 bpd, up from 75,000 last year.

Increased production will be key to reducing Premier's debt pile of about $2.6 billion (1.8 billion pounds).

Durrant said it would be "very reasonable" to expect net debt to fall to about $2.3 billion by the end of the year, with debt reduction accelerating next year.

Shares in Premier Oil were up 3.2 percent at 73.20 pounds by 0908 GMT, outperforming the broader sector's 0.3 percent decline.

Premier's other key project, the Mexican offshore field Zama, has potential reserves of up to 800 million barrels and could drill its first appraisal well in the second quarter, depending on partner Pemex's plans for a rig in a neighbouring block.

When asked whether Premier might have become a takeover target, Durrant said: "I don't think there is a lot of activity in the corporate (mergers and acquisitions) world at the moment so it's not on the top of my worry list or priority list."

(Reporting by Shadia Nasralla; Editing by David Goodman)

Stocks treated in this article : Premier Oil, MOL Plc
Stocks mentioned in the article
ChangeLast1st jan.
MOL PLC --End-of-day quote.
PREMIER OIL -0.24% 124.7 Delayed Quote.63.54%
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Financials (HUF)
Sales 2018 5 085 B
EBIT 2018 357 B
Net income 2018 273 B
Debt 2018 255 B
Yield 2018 4,31%
P/E ratio 2018 8,00
P/E ratio 2019 6,86
EV / Sales 2018 0,51x
EV / Sales 2019 0,48x
Capitalization 2 319 B
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 11
Average target price 3 411  HUF
Spread / Average Target 21%
EPS Revisions
Managers
NameTitle
József Molnár Group CEO & Non-Independent Director
Zsolt Hernádi Chairman & Chief Executive Officer
Zoltán Sandor Áldott Chairman-Supervisory Board
Péter Ratatics Chief Operating Officer
József Farkas Simola Group Chief Financial Officer
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