15/09/2005
Strong oil and gas prices have helped Premier Oil lift interim profits 55 per cent to £34.5 million pre-tax.
Fully-listed Premier, which is producing in the UK, Pakistan and Indonesia and developing prospects in Norway, Vietnam and Egypt, increased revenues nearly nine per cent to £83 million in the six months to June. Group production fell one per cent to 34,779 barrels of oil equivalent a day, as output rose in Pakistan but fell in the UK and Indonesia.
With cash down a third at £25 million on 30 June and a new £152.5 million credit facility, chairman Sir David John says Premier's strategy is to increase daily production to 50,000 barrels of oil equivalent 'in the medium term', with an annual exploration budget of around £28 million. A changed management team plans a further seven exploration wells this year, with the first oil flow from Chinguetti off the coast of Mauritania expected in early 2006.
At 762.5p, up 10p this morning, Premier's shares value the company at £633 million. Strong performers this year already, they have not lost their momentum.
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| LSE | £559.18m |
704.50p
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-51.50p
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