Premier Oil hits targets with refi end in sight

  City A.M 
Premier Oil shares nudged up around 0.5 per cent after revealing it had hit improved production targets and was "nearing completion" of its drawn-out debt refinancing. Despite working through a painful financial restructuring with lenders, Premier Oil reached record production levels, hitting 71,400 barrels per day – in line with improved targets. Revenue, however, fell from $1.1bn to $980m. Read more: Back to the black? Premier Oil gears up for debt refinancing update Last year, Premier Oil bought up gas fields from German energy firm Eon and the taps are set to be turned on at its North Sea Catcher project in the second half of the year. Before taking into account any contribution from Catcher, the firm projected another bumper year of production, expecting 75,000 barrels per day . "The Catcher project continues to progress well and will provide another step change in production, generating enhanced, tax-free cash flows for the group," said chief executive Tony Durrant. He summarised 2016's results as "a strong operational performance". Closing in on the refi Premier Oil has been edging closer to completion of refinancing its near $3bn of net debt. The firm revealed "all substantial commercial terms have been agreed" with the coordinating committee of its revolving credit facility – similar to a corporate overdraft – as well as other private lenders. Read more: Premier Oil shares rise as it enters final stages of refinancing talks Final terms for the refinancing were at an "advanced stage". The news prompted Durrant to paint a rosey picture looking forward. He said: Our debt refinancing is nearing completion which, together with the improving commodity price environment, will enable us both to accelerate debt reduction and to progress future growth projects. In the meantime, lenders will be pleased that net debt levels of $2.8bn are in line with expectations and the firm has significant liquidity if required with undrawn cash facilities of approximately $600m.   ▶ Full story on cityam.com

Image source : cityam.com
▼ Related news : 

World News  

Reuters  

World News  

Press and Journal  

World News  

World News  

World News  

World News  

World News  

World News  

World News  

World News  

Daily Record  

Evening Times  
Latest news and headlines !
  Graeme Stewart, manager of Highland League champions Buckie Thistle, was a happy man after drawing a home first-round tie against Championship club Brechin City in the IRN-BRU Cup ...
  The yet-to-be named male cubs at the Leipzig Zoo in Germany were born on 22 April.
  When a 20-something-year-old Jamie Stone told his father of his aspiration to be an MP one day, the remark was met with a “very quizzical raised eyebrow”. The new...
  This is a first look at what a major Lochaber leisure centre will look like after a £1.6million transformation is completed. Fort William’s Nevis Centre, a quarter of a...
  Guitarist Andy Fairweather Low is to pay homage to the “father of rock and roll”, Chuck Berry, at the Southern Fried Festival of American roots music in Perth. The musician, who ...
  Researchers at Aberdeen University are to investigate if a breathing test could help prevent asthma attacks in children. Asthmatics produce...
  Conrad Asa Pritchard, 21, will appear in court today.
  The principal of Aberdeen University has argued that free university places taken up by European students should be reallocated to Scots ...
  More than £30,000 of jewellery, electrical items and cash has been stolen from a house in Aberdeen. Thieves targeted the property in Countesswells between Friday night and...
  Groups and schools across the north-east have been awarded a share of more than £25,000 from the National Lottery. The cash, made available through the Awards for All Scotland...
  BEIJING (AP) — China’s increasingly powerful navy has launched its most advanced domestically-produced destroyer at a time of rising competition with other naval powers such as...
  'I vowed never to have sex on TV but within minutes of being in the private Hideaway room together we were naked,' says Shears.
  Charlie and Theo went missing in thick fog but answered the call of sausage.
  Aberdeen’s new signing Greg Stewart believes Dons manager Derek McInnes was right to avoid the crazy world of the English Championship...
  The north-east got a taste of east Africa yesterday with a special visit from the Kenyan High Commissioner to the UK. His excellency Lazarus Amayo made the trip north...
  Aberdeen manager Derek McInnes is adamant Kenny McLean will remain at Pittodrie this season after a £300,000 bid for the...
  Britain risks becoming more divided unless there is a renewed effort to reduce the gap between the “haves and have-nots”, the influential Social Mobility Commission has warned.
  It will be built on the site of the former Cwrt Sart Comprehensive School
  Scores of motorists are thought to have lost their appeals over the 'diversion'
  Asghar Buksh repeatedly beat mum-of-six Nasreen over the head at their home in the Southside of Glasgow last September.
  The 21-year-old says doctors believe she is suffering from deadly sepsis but pals fear ordeal won't put her off having...
  Record View reacts to First Minister's announcing plans for a second independence referendum have been reset.
  Joan McAlpine gives her reaction to the First Minister's decision to 'reset' a second independence...
About newsoneplace.com - Privacy & Terms -
Copyright © 2015 www.newsoneplace.com