Companies: PMO   

Oil exploration and production company Premier, which has attracted controversy and Government censure for its activities in Myanmar (Burma), announced that contractual gas sales have begun from the BHP-operated 2 trillion barrel equivalent plus Zamzama field in southern Pakistan. It has been agreed that gas equivalent to around 10,000 barrels of oil per day will be supplied to the Sui Southern Gas Company for an initial period of 21 months. Premier's share of production brings its Pakistani assets up to a production rate of 4,000 barrels of oil equivalent per day. In the wider scheme of things broker Charles Stanley has rated Premier as at the biggest discount to apparent NAV (38p) of all its UK market peers but cautioned that Petronas and Amerada Hess own 50% of the company between them, precluding a third party takeover bid. Premier reported £17m in pre-tax profits earlier in March. It owns confirmed reserves equal to about 488m barrels with the probability of well over double that.