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Highlights |
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Production averaged 64.9 kboepd (2013: 58.6 kboepd), up 11 per cent and ahead of guidance; new production from Dua (Vietnam), Kyle (UK) and the gas swap (Indonesia) |
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Materially rising operating cash flows, up 35 per cent at US$499.4 million (2013: US$371.0 million); profit after tax of US$172.7 million (2013: US$161.1 million) |
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Significant momentum across development portfolio: installation of the Solan facilities under way; government sanction of the Catcher project received; and FEED on Bream and Sea Lion progressing well |
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Exploration success in Indonesia and Pakistan, including the 100 mmboe (gross) oil and gas discovery at Kuda Laut/Singa Laut on the Tuna Block |
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US$190 million of non-core asset sales announced and on track to deliver stated US$300 million disposal programme |
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Renewal of principal bank facility completed on improved terms and increased in size to US$2.5 billion |
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Continued distributions to shareholders - paid full-year dividend of 5 pence per share and ongoing buyback programme - reflecting confidence in future cash flow profile |
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Appointment of Tony Durrant as Chief Executive and Richard Rose as Finance Director |
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Outlook |
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Full-year guidance maintained at 58-63 kboepd including disposal adjustments and pending completion of summer maintenance programmes |
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Timing of first oil from Solan is dependent on the successful completion of offshore installation activities within the weather window and progress of the offshore commissioning programme |
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Play-opening wells planned in the next 12 months include Badada, onshore Kenya, Myrhauk, offshore Norway and Isobel Deep in the Falkland Islands |
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Rising cash flows and strong funding position fully finance forward development spend, exploration expenditure, dividend plans and buyback programme |
Tony Durrant, Chief Executive, commented:
"It has been a strong six months for Premier with the company performing well on all fronts. We continue to exceed our production expectations, have achieved significant milestones on our key developments, had notable exploration success in Indonesia and advanced our non-core asset disposal programme. Increased production has driven significantly rising cash flows and our robust financial position has supported renewal of our principal bank facility on improved terms. Our focus continues to be on maintaining momentum and delivery of our near-term priorities, including first oil from Solan and Sea Lion FDP approval."
