Premier's 2008 Production to Range from 36,000-38,000 BOEPD

Premier Oil plc has released its Interim Results for the six months ended at June 30, 2008.

Highlights

  • Production of 38,000 boepd up 11% on first half 2007 (34,086 boepd).
  • Post-tax profits up 247% to US $71.2 million (2007: US $20.5 million).
  • Operating cash flow up 104% to US $191.1 million (2007: US $93.9 million).
  • Strong net cash position of US $176.9 million (2007: net debt of US $24.1 million).
  • Continuing material progress on all four major development projects.
  • Appraisal successes in Vietnam and Mauritania.

Outlook

  • Full year production for 2008 expected in the range 36,000-38,000 boepd.
  • On track to achieve production target of 50,000 boepd by end 2010.
  • Commercial agreements, funding and people in place to deliver on development projects.
  • New reserve bookings and upgrade at Anoa anticipated at year-end.
  • Material exploration campaign planned for 2009 focused on wells in Vietnam, Indonesia, Congo and Norway.
  • Oil discovery at Chim Cong announced as a potential new play type

 

Simon Lockett, Chief Executive, commented, "Along with our excellent financial results, the first half of 2008 has seen continuing material steps forward on our development projects. We remain on track to deliver on our 2010 production target. Given our financial strength we are turning to new projects which will underpin Premier's next phase of growth."
 

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