22nd Apr 2020 14:27
(Alliance News) - Premier Oil PLC on Wednesday affirmed it has taken measures to manage its finance as the Covid-19 pandemic weighs on the global economy and oil prices sink to historic lows.
Shares in the company were 16% higher at 24.36 pence each in London on Wednesday afternoon. In the year to date, however, the stock has sunk about 75%.
"The Covid-19 pandemic has had a dramatic impact on the global economy, and has contributed to the sharpest decline in oil price in 20 years," Premier Oil said.
"The board of directors are taking all prudent steps to manage the company's short-term liquidity position, to reduce forward expenditure commitments and to redefine the company's future business plan, given these new circumstances."
Premier Oil has postponed its annual general meeting to June 25 due to lockdown measures in the UK. The AGM was originally penned for May 12.
Executive Director Robin Allan, who was due to leave the board at the conclusion of the AGM, has agreed to stay on until June 25.
By Eric Cunha; [email protected]
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