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Premier Oil PLC (PMOIY.PK)

PMOIY.PK on OTC Markets Group

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Latest Key Developments (Source: Significant Developments)

Premier Oil says Zama-1 well offshore Mexico was spudded
Monday, 22 May 2017 02:00am EDT 

May 22 (Reuters) - Premier Oil Plc ::Zama-1 exploration well in block 7 (Premier equity 25 per cent) in shallow water Sureste basin, offshore Mexico, was spudded on May 21.Zama structure is estimated to have p90-p10 gross unrisked resource range of 100-500 mmbbls.  Full Article

Premier Oil says production up 44 pct in period ended April 30
Monday, 15 May 2017 02:23am EDT 

May 15 (Reuters) - Premier Oil Plc ::Trading, operations and refinancing update.Production in period averaged 82.6 kboepd, up 44 pct on prior corresponding period.Full year guidance of 75 kboepd (excluding any contribution from catcher) maintained.$13.7/boe operating cost, 11 pct below budget; full year capex guidance reduced from $390 million to $350 million.Catcher on schedule for 2017 first oil; improved production profiles are now anticipated and a review of FPSO capacity is underway.High impact Zama exploration prospect in Mexico expected to spud by end of May.All feed contracts for Tolmount project now awarded; sanction expected 2018 1H.Refinancing implementation underway, requisite lock-ups achieved; court schemes of arrangement to formally commence today.Net debt of $2.8 billion; marginally positive free cash flow for period.Refinancing, shortly to be completed, incorporates a plan for net debt reduction and, over time, selective investment in new projects - CEO.Uk production averaged 45.7 kboepd, up 160 pct on prior corresponding period due to full contribution from former E.ON assets and Solan field.Production from Solan field averaged 7.3 kboepd, lower than anticipated as a result of first production well (P1) being shut in period.  Full Article

Premier Oil announces refinancing update
Tuesday, 25 Apr 2017 02:00am EDT 

April 25 (Reuters) - Premier Oil Plc ::Holders representing more than 75% by value of its $245m convertible bonds have now entered into lock up agreement.This commits them to vote in favour of proposed refinancing on terms of that lock up agreement.This is a sufficient majority to pass required resolution to implement amended terms of convertible bonds..  Full Article

Premier Oil says to dispose Pakistan business for $65.6 mln
Wednesday, 5 Apr 2017 02:12am EDT 

Premier Oil Plc : Sale of Pakistan Business . Signed a share purchase agreement with Al-Haj Energy Limited (Al-Haj) for sale of Premier Oil Pakistan Holdings BV . Sale for a cash consideration of us$65.6 million . Premier anticipates recording a book gain on disposal estimated at $40 million . Al-Haj have paid a deposit to Premier of us$15 million and will pay a further interim deposit of us$10 million within next 60 days . Scotiabank is acting as sole financial advisor to Premier on this transaction. .Sale will be used to reduce company's net debt. Economic date of transaction is 1 January 2017 with premier retaining 2016 net cash flows..  Full Article

John Wood renews, extends North Sea contract with Premier Oil
Monday, 27 Mar 2017 02:15am EDT 

John Wood Group Plc : Awarded a $50 million contract with premier oil .Two year contract which has three, one year extension options, retains more than 150 jobs.  Full Article

Premier oil announces revised conversion price for convertible bonds
Thursday, 23 Mar 2017 03:07am EDT 

Premier Oil Plc : Premier oil plc - announces revised conversion price for premier's $245 million convertible bonds . Premier oil plc - amended conversion price to be 74.71p, a premium of 20% to volume weighted average price of premier's shares over march 1-22, 2017 . Premier oil plc - exchange rate to be used on any future conversion of bonds to be re-set to a fixed rate of $1.2280/£ .Premier oil plc - amendments will become effective on completion of premier's refinancing.  Full Article

Premier Oil reports 2016 pre-tax loss of $390.6 mln
Thursday, 9 Mar 2017 02:07am EST 

Premier Oil Plc : 2016 profit after tax of us$122.6 million . Cash flows from operations of us$431.4 million . Net debt of $2.8 billion as at year-end . 2017 production guidance maintained at 75 kboepd, before any contribution from catcher . 2017 opex and capex guidance of <$16/boe and us$390 million . Net cash flow positive at forward curve in 2017 .2016 loss before tax $390.6 million.  Full Article

Premier Oil says over half of convertible bondholders agree to new terms
Thursday, 9 Mar 2017 02:04am EST 

Premier Oil Plc : Entered into lock up agreements with requisite majority of each of lenders to rcf, fls term loan and us private placement notes to terms of proposed refinancing .Holders representing over 50% of convertible bonds have now entered into lock up agreements.  Full Article

Premier Oil says making progress over refinancing, bond deal talks
Friday, 24 Feb 2017 09:28am EST 

Premier Oil Plc : Share price weakness . Premier notes recent weakness in its share price. . Private lenders currently going through their formal credit committee approval process over terms of refinancing and good progress being made . In process of finalising deal to amended convertible bonds terms with additional significant bondholders who are also expected to lock up shortly . Expects to provide a refinancing update to market in next few days . Current operational performance remains strong with production year to date averaging over 79 kboepd .Market guidance of 75 kboepd remains unchanged.  Full Article

Ocean RIG UDW Inc Q4 loss per share $45.08
Wednesday, 22 Feb 2017 06:00pm EST 

Ocean RIG UDW Inc : Ocean RIG UDW Inc reports financial and operating results for the fourth quarter 2016 . Q4 loss per share $45.08 . Q4 revenue $355.4 million versus i/b/e/s view $313.1 million . Q4 earnings per share view $0.38 -- Thomson Reuters I/B/E/S . Ocean RIG UDW Inc says continues to explore and consider various strategic alternatives with its financial and legal advisors . Ocean RIG UDW Inc says total backlog as of February 22, 2017 amounted to $1.5 billion . Ocean RIG UDW Inc says if consensual solution cannot be reached among all stakeholders, co will consider implementation of restructuring plan . Ocean RIG UDW Inc says fleet wide utilization for Q4 of 2016 was 95.49% . Ocean RIG UDW Inc says on February 10, 2017, company reached an agreement with ConocoPhillips to terminate contract of Ocean Rig Athena . Ocean RIG UDW Inc says as part of agreement, ConocoPhillips will pay a termination fee . Ocean RIG UDW Inc says Ocean Rig Athena is presently en-route to its final lay-up location in Greece where unit will be cold stacked . Ocean RIG UDW Inc says on february 6, 2017, company reached an agreement with Premier Oil and Noble Energy .Ocean RIG UDW Inc says agreement with Premier Oil, Noble Energy was to settle disputed invoices related to contract of Eirik Raude against payment of $25 million.  Full Article

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UPDATE 1-Premier Oil sees big debt cuts in 2018 with higher output

May 15 North Sea focused Premier Oil expects to slash its $2.8 billion debt pile significantly in 2018 by exceeding its 2017 production target and lowering spending, it said on Monday.