22nd Aug 2019 09:31
(Alliance News) - Premier Oil PLC on Thursday said it swung to profit in the first half of 2019 after delivering double-digit uplift in output.
The oil and gas company said it saw "record" production in the six months to the end of June, totalling 84,100 barrels of oil equivalent a day, up 10% from 76,200 barrels of oil equivalent daily reported a year prior.
As a result, Premier's sales revenue jumped to USD871.3 million from USD625.0 million the year before, helping it to swing to profit of USD112.4 million from a loss of USD24.7 million.
On the development side, the Tolmount gas field - in which Premier holds 50% stake - is on track for first gas at the end of 2020 and underpins the company's medium-term UK growth profile, it said.
Looking ahead, Premier maintained its 2019 production guidance of between 75,000 and 80,000 barrels of oil equivalent a day and expenditure of USD12 per barrel of oil equivalent.
"I am pleased to report another strong performance for Premier where we have exceeded our financial and operational targets for the period," said Chief Executive Tony Durrant.
"Premier's operated Tolmount gas project, due on-stream next year, and the addition of good quality exploration and appraisal acreage offer significant low cost opportunities for future value growth," added Durrant.
Premier shares were trading 5.1% higher in London on Thursday at 75.94 pence each.
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