Premier Oil highlights preliminary result from the year ended December 31, 2003.
Profit after tax and exceptional charges up 80% at £40.8 million (2002: £22.6 million)
Net cash inflow of £255.2 million* (2002: £93.2 million)
Nil gearing at year-end
Strong forward cash flow with most of the booked reserves sold under long-term gas contracts
Production of 36,000 boepd in first two months of 2004
Deal with Fusion built Premier's West African position, generated
significant value and exploration success with Chinguetti and Tiof discoveries in Mauritania
Successful exploration in Pakistan
Non-core asset disposals realized cash of £18.2 million (2002: £23.4 million)
Total reserves, including discoveries awaiting commercialization, in excess of 200 mmboe
Replenished exploration portfolio during the year with 18 well 2004
drilling program in place - 9 wells in Mauritania and further wells in Gabon, Guinea Bissau, Pakistan, India, Indonesia and the UK
Sir David John, Chairman, commented:
'2003 was a year of transformation for Premier. Record levels of production and
profit, and a strong balance sheet, were complemented by exploration success and
the completion of the corporate restructuring.
New Premier has emerged as a strong operational and financial business
generating healthy cash flow to pursue exploration and commercial opportunities.
Premier is in good shape and we intend to keep it that way.'