Premier Oil provides trading and operations update

Premier Oil soars on $625m deal to buy North Sea fields from BP

The Tolmount Project is a development-stage gas field project with Dana and Premier Oil each having a 50 percent stake in the project.

Production from the Shearwater field stood at around 14,000 barrels of oil equivalent per day in 2019.

The position was revealed as a hedge against Premier's debt.

In a string of announcements today, Premier's partner in the Sea Lion project off the Falklands Islands, Rockhopper, said they had signed a preliminary deal for Navitas Petroleum to buy a 30% stake. The hub started production in 1996.

"These acquisitions are materially value accretive for Premier and are in line with our stated strategy of acquiring cash generative assets in the UK North Sea".

Durrant said the company was also "pleased" to have consolidated its interest in the high-return Tolmount development, where it saw material upside. "We look forward to realizing the significant long-term potential of the Andrew and Shearwater assets through production optimization, incremental developments, and field life extension projects". "The cash flow generated from the acquired assets will also accelerate the deleveraging of Premier's balance sheet". On Tuesday, the firm said 2019 production was 78,400 barrels per day, at the upper end of guidance of between 75,000 barrels and 80,000 barrels. Premier said it intends to sell the newly acquired interest to Kellas Midstream.

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UK North Sea assets account for some 54,200 boepd, up around 16% from the preceding year supported by the ramp up of the Catcher field which averaged 33,600 boepd gross in 2019. First gas is targeted in late 2020 and it is set to provide substantial further production growth (pre-acquisition it was forecast to yield 20,000 to 25,000 boepd).

Tolmount is expected to reach final investment decision during the second half of 2020.

Premier has provided a Trading and Operations Update ahead of its 2019 Full Year Results, which will be announced on 5 March 2020.

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Premier Oil has shouldered a giant debt burden since the global oil market crash forced the company into one of the largest and most complex debt restructurings in the history of the North Sea.

It noted that it continues to benefit from United Kingdom corporation tax loss and allowances, with some US$4.2bn carried forward into 2020.

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