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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Premier Oil    PMO   GB00B43G0577

PREMIER OIL

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Premier Oil : Completion of Babbage sale & operations update

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12/07/2018 | 02:18am EST

Premier Oil PLC

('Premier' or 'the Group' or 'the Company')

Completion of the Babbage Area sale & operations update

7 December 2018

Completion of the Babbage Area sale

Premier is pleased to announce that following receipt of necessary approvals, the sale of its interests in the Babbage Area to Verus Petroleum SNS Ltd (Verus) has now completed.

Premier has received £30.3 million ($38.7 million), after adjustments for Babbage cash flows collected by Premier since the effective date of 1 January 2018. In addition, Verus will take on exploration commitments valued at c.$24 million. Production from Babbage has averaged 2.5 kboepd year to date.

The sale proceeds will be used to pay down the Company's existing debt.

Production update

Group production year to date has averaged 79.4 kboepd. Production in November and December to date was above forecast at 92 kboepd with a record daily production rate of 98.7 kboepd achieved on 4 December. This strong production performance has been driven by high uptime across the Group's producing portfolio, including at Premier's operated Catcher Area which has averaged 68 kboepd (gross, Premier 50 per cent) in November and December to date.

Premier continues to forecast full year production of around 80 kboepd.

Premier has hedged over 30 per cent of its 2019 forecast oil entitlement production at an average price of $70/bbl, as per previous disclosure.

Mexico update

On 29 November, the Ensco-8503 rig spudded the Zama-2 appraisal well, the first of the two well Block 7 Zama appraisal programme. The well will aim to confirm the oil water contact and is expected to reach the reservoir early in the New Year.

Sierra Oil & Gas, Premier's 40 per cent partner in the Block 7 Zama discovery, announced on 4 December that it is to be acquired by DEA Deutsche Erdoel AG (DEA). DEA is also the operator and Premier's 40 per cent partner in Block 30, which contains the high impact Wahoo and Cabrilla prospects, with 3D seismic acquisition planned for 2019.

Enquiries

Premier Oil plc

Tel: 020 7730 1111

Tony Durrant, Chief Executive

Richard Rose, Finance Director

Camarco

Tel: 020 3757 4983

Billy Clegg

Georgia Edmonds

Disclaimer

Premier Oil plc published this content on 07 December 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 07 December 2018 07:11:01 UTC

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Financials ($)
Sales 2018 1 522 M
EBIT 2018 531 M
Net income 2018 131 M
Debt 2018 2 379 M
Yield 2018 -
P/E ratio 2018 5,72
P/E ratio 2019 5,43
EV / Sales 2018 2,09x
EV / Sales 2019 1,80x
Capitalization 800 M
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Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 1,60 $
Spread / Average Target 61%
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Managers
NameTitle
Anthony Richard Charles Durrant Chief Executive Officer & Executive Director
Roy Alexander Franklin Non-Executive Chairman
Paul Williams Group Development & Operations Manager
Richard Andrew Rose Finance Director & Executive Director
Robin A. Allan Executive Director & Director-North Sea
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