13/08/1999
Premier Oil announced the resumption of oil production at its joint venture UK oil fields, Fife, Fergus and Flora. Premier holds 15%, 35% and 15% respectively, with Amerada Hess owning the major stake. The fields were closed for maintenance work in April, and an extension of Flora is expected to produce an additional 20,000 barrels a day. Shares in Premier rose 6% to 22.8p. Premier suffered last year, reporting huge pre-tax losses of £128m (£71.1m profits) for 1998. The recent rise in oil prices is not necessarily a guarantee of success this year. Premier locked in a third of this year's crude production at $12 a barrel, after the price hit $10. If crude prices remain above the $20, the company could forego several million pounds of profit.
| Market cap: | £237m |
| Share price: | 22.8p |
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