16th Jan 2014 07:43
PARIS (Alliance News) - UK-based exploration and production company Premier Oil PLC Thursday announced that it expects total revenues for 2013 to be in the order of USD1.5 billion, higher than last year's USD1.4 billion. The company noted that profits for the full year will reflect updated future abandonment costs and related non-cash impairment costs.
The company plans to record an estimated additional USD50 million charge in the second half of the year for the impairment of B-Block.
The estimated average oil price realised for 2013 was USD109.0/bbl, compared to USD111.4/bbl in 2012.
The company added that it anticipates announcing its recommended dividend for the year 2013 in conjunction with its preliminary results announcement on February 27.
Chief Executive Simon Lockett said, "2013 was a challenging year for Premier and the wider industry as a whole. It is however pleasing that production reached record levels towards the end of the year, that four new projects will achieve first oil and gas in 2014 and that our mid- to longer-term projects, including Bream, Catcher and Sea Lion, have taken significant steps forward."
For 2014, the company said it has taken advantage of the relatively strong crude market conditions, forward selling approximately 26% of its estimated 2014 production at an average of USD103.5/boe.
Premier also said it plans to drill 13 wells in 2014 targeting more than 160 mmboe of net unrisked prospective resource.
Separately, Premier announced that Neil Hawkings has been appointed with immediate effect to the role of Director, Falkland Islands, in order to oversee the execution of the Sea Lion development project.
Garry Stoker has been promoted to the Executive Committee in the role of Group Development and Operations Manager to take over Hawkings' previous functional responsibilities.
Copyright RTT News/dpa-AFX
Related Shares:
PMO.L