Trading and Operations Update

Premier today provides the following Trading and Operations Update ahead of its 2018 Full Year Results, which will be announced on Thursday 7 March 2019.

Highlights

  • Estimated year-end net debt of US$2.3 billion, below previous guidance of US$2.4 billion and a reduction of US$390 million on 2017
  • 2018 full year production of 80.5 kboepd, up 7 per cent on 2017 and a record year for the Group; production averaged 92 kboepd, above forecast, in November and December
  • Catcher FPSO producing at increased oil rates of 66 kbopd (gross)
  • Tolmount Main gas project sanctioned, platform construction commenced in December; high value Tolmount East appraisal well scheduled to spud mid-2019
  • Appraisal of giant Zama discovery (Mexico) underway; results of first appraisal well (Zama-2) expected shortly
  • 3D seismic acquisition commenced in the Andaman Sea (Indonesia); 3D seismic across Block 30 (Mexico) and Greater Tolmount Area (UK) planned for 2019 1H
  • Estimated 2018 total capex of US$355 million, below previously reduced guidance of US$365 million; 2018 opex estimated at US$16.9/boe, below guidance

Tony Durrant, Chief Executive, commented:

“Our strong operational performance and disciplined expenditure have enabled us to reduce our debt levels ahead of forecast. At the same time, we have continued to build our portfolio for the future, sanctioning our high value Tolmount Main gas project and capturing highly prospective new acreage in Mexico and Indonesia.  Looking to the year ahead, we have a strong production base which is well hedged and our priority remains to further reduce our debt levels while progressing our future growth projects to final investment decisions.”

Enquiries

Premier Oil plc
Tony Durrant, Chief Executive
Richard Rose, Finance Director
Tel: 020 7730 1111

Camarco
Billy Clegg
Georgia Edmonds
Tel: 020 3757 4983

Production and development operations

2018 production averaged 80.5 kboepd, a 7 per cent increase on 2017 and a new record year for Premier, despite material asset sales.  This was driven by new production from the Premier-operated Catcher Area and by a strong performance from the Group’s operated Asian assets.

Following announced and completed disposals, which accounted for 8 kboepd in 2018, 2019 production is expected to average around 75 kboepd.   This is an underlying increase in year-on-year production, after adjusting for disposals, driven by a full year of Catcher Area production.  Cash margins will improve in 2019 at comparable commodity pricing driven by higher margin UK oil production accounting for a greater proportion of the Group’s output.

kboepd 2018 2017
Indonesia 13.2 14.1
Pakistan 5.3 6.5
UK 46.8 39.5
Vietnam 15.2 14.9
Total 80.5 75.0

UK production increased by 18 per cent, reflecting the ramp up of the Catcher Area during 2018 partially offset by the sale of Wytch Farm which completed at the end of 2017.

The Catcher Area (comprising the Catcher, Varadero and Burgman fields) was Premier’s highest net producer in 2018 averaging 21.5 kboepd (net).  This reflected the fields ramp-up to plateau production rates in May and significantly increased plant availability towards the end of the year as final commissioning of secondary systems was completed.  As a result, Catcher Area production averaged 34.7 kboepd (net) in November and December, achieving 97 per cent operating efficiency.

The Elgin-Franklin fields averaged 6.7 kboepd (net) benefitting from outperformance from new wells brought on-stream and continued high operating efficiency.  Further infill drilling at Elgin-Franklin is planned for 2019.   Huntington production averaged 5.8 kboepd, reflecting natural decline and several unplanned shutdowns.  Modifications have now been made to facilitate gas import.  This has improved plant stability with production averaging 7.0 kboepd in November and December, underpinned by uptime in excess of 90 per cent.

Premier’s other UK assets have performed broadly in line with expectations.

Production from Premier’s operated Chim Sao field in Vietnam again exceeded expectations in 2018 averaging 15.2 kboepd and up on 2017.  This was driven by better than forecast subsurface performance and four successful well intervention programmes offsetting natural decline.  Further well intervention programmes are planned for 2019.

Demand from Singapore for Premier’s Indonesian gas continued to be robust with Premier’s operated Natuna Sea Block A again capturing an increased market share of its principal gas contract (GSA1) of 52.4 per cent and above its contractual share. The slight reduction in Indonesia production on the prior year reflects the sale of the Group’s interest in Kakap, which completed in April.

Development

On Natuna Sea Block A, in Indonesia, the development of the Bison, Iguana, Gajah-Puteri fields continues within budget and to schedule with first gas on track for the fourth quarter.  The development will recover 93 Bcf (gross) of reserves helping to underpin delivery capacity of the Group’s gas sales contracts into Singapore.

Premier sanctioned the 500 Bcf Tolmount Main gas project in August.  Construction of the platform commenced in Rosetti Marino’s Ravenna yard in December.  Detailed engineering and procurement of the trees, wellheads and subsea pipeline has also commenced.   First gas remains on schedule for the fourth quarter of 2020.

During 2018, Premier completed the selection of its key contractors for its operated Sea Lion project in the Falkland Islands and put in place LOIs for the provision of services as well as vendor financing.    Premier is now working with its selected contractors to complete FEED and to convert the LOIs into fully termed contracts.  In parallel, Premier is continuing to progress senior funding structures for the project, ahead of a final investment decision.

Exploration and appraisal

In Mexico, the first Block 7 Zama appraisal well, Zama-2, spudded at the end of November to the north of the Zama discovery well and is expected to determine the depth of the oil water contact. The well has encountered the main Zama reservoir and is currently drilling ahead as planned.  Zama-2 will then be deepened to test the Marte prospect and subsequently side-tracked up-dip and flow tested.  The rig will then move to drill the Zama-3 appraisal well, to the south, which will complete the Block 7 Zama appraisal programme, expected during the third quarter. Premier will update the market as key activities are completed.

3D seismic acquisition across Block 30, in which Premier secured a 30 per cent non-operated interest via Mexico’s Round 3.1 in March and contains the high impact Wahoo and Cabrilla prospects, is scheduled to commence in the second quarter.

In Indonesia, PGS commenced acquisition of 3D seismic in the Andaman Sea in December. This programme will mature the prospects identified on 2D data on Premier’s operated Andaman II licence.

In the UK, the high value Tolmount East appraisal well is scheduled to spud mid-2019 and is expected to take around 80 days to complete. 3D seismic acquisition across the Greater Tolmount Area is planned for March/April.  This will help to optimise development drilling on Tolmount East and the location of a potential Tolmount Far East exploration well, in addition to identifying further prospectivity in the area.

Portfolio management

During 2018, Premier received US$75 million, after working capital adjustments, from the completion of the sale of its interests in Kakap (Indonesia), ETS (UK) and the Babbage Area (UK).

In November, the Pakistan government approved the US$65.6 million sale of Premier’s Pakistan interests to Al-Haj. To date, Premier has received US$35 million of deposits from the buyer and also collected US$25 million in cash flows since the economic date of the transaction (1 January 2017).   Completion of the sale will follow on settlement of final working capital adjustments.

Finance

Total revenue for 2018 is estimated at US$1.4 billion (2017: US$1.1 billion) reflecting higher production and realised commodity prices.

In total, c.30 per cent of the Group’s 2019 forecast oil and gas entitlement production has been sold forward at prices significantly above current pricing.

Premier has hedged 36 per cent of its forecast oil entitlement production to end 2019 at an average of $70/bbl:

Oil swaps / forwards 2019 1H 2019 2H
Volume 3.5 mmbbls 3.1 mmbbls
% of forecast entitlement oil production 38% 35%
Average price $69/bbl $71/bbl

Premier has sold forward 50 million therms of its 2019 UK gas volumes at an average price of 61 pence/therm.  In addition, Premier has hedged part of its 2019 and 2020 Indonesian gas production through the sale of 150,000 MT and 105,000 MT of HSFO Sing 180 at an average price of US$394/MT and US$387/MT respectively.

Full year 2018 total operating costs are estimated to be below the low end of US$17-US18/boe guidance at US$16.9/boe, of which US$10.4/boe relates to field opex and US$6.5/boe to FPSO lease costs across the Group.  2019 operating costs are forecast to be slightly higher on a per barrel basis at c. US$20/boe, of which US$13/boe relates to field opex and US$7/boe to FPSO lease costs.  This reflects the impact of disposals of low cost gas production and anticipated natural decline on fixed cost base assets such as Huntington and Chim Sao.

Development, exploration and abandonment expenditure for the full year 2018 was around US$355 million, below previously reduced guidance of US$365 million due to phasing of appraisal and abandonment expenditure.

Total 2019 development and exploration capex is expected to be US$290 million of which c. US$70 million relates to the BIG-P development and US$100 million to exploration and appraisal (including US$60 million for the Zama appraisal programme and US$20 million for the Tolmount East appraisal well).  Abandonment spend in 2019 is expected to be US$50 million, before taking into account the benefits of tax relief, and primarily relates to abandonment activities in the UK North Sea.

Premier continues to benefit from its substantial UK corporation tax loss and allowance position with estimated losses and allowances of US$4.1 billion carried forward at 31 December 2018.

Estimated 2018 year-end leverage ratio (covenant net debt / EBITDA) is 3.0x, against a covenant of 5.0x, while year-end accounting net debt is US$2.33 billion (2017: US$2.72 billion), below previous market guidance of US$2.4 billion.  This reflects the strong operational performance achieved by Premier in November and December, which helped to offset the decline in oil prices at the end of the year.

The US$390 million reduction in net debt during 2018 reflects free cash flow generation of c. US$250 million (including US$75 million of cash receipts from disposals) and a c. US$180 million reduction in accounting net debt from the conversion of the convertible bond.  Offsetting this is a negative one off movement in joint venture cash balances at the beginning of 2018.

With an improved portfolio mix, supported by increased high margin Catcher barrels, and a strong hedging programme, Premier is well placed to deliver further debt reduction in 2019.  The current weaker Sterling exchange rate and strong UK gas prices are also helping to mitigate against the recent oil price volatility.  On a full year basis, Premier expects to generate positive free cash flow at oil prices above US$45/bbl during 2019.

http://www.premier-oil.com/

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Post date: Mar 20, 2019 Location: Midland, TX, US Company: ExxonMobil Job Role Summary Responsible for managing multiple facility projects by providing engineering support in design, procurement, startup and operation of new and/or modified production facilities Job Role Responsibilities Work safely and help identify and mitigate process design, construction and operational Safety, Health and Environmental risks  Design, procure and support construction, startup and
Location:  Houston, TX, US Company:  ExxonMobil Job Title: Research Data Scientist Data analytics encompasses the computational and statistical skills required to use data in support of scientific enquiry and sound business decision-making. We are looking to hire candidates to work on challenging data analytics problems for our upstream business, including exploration, development, and production. Select areas of application for this work include
Location:  Huizhou, 44, CN Company:  ExxonMobil Job Role Responsibilities KEY RESPONSIBILITIES: • Identify potential capable and reliable suppliers by leveraging projects relevant experience, internal and external networks, Engineering Procurement Construction Company, industry knowledge and market research • Facilitate/Conduct supplier pre-screening qualification via questionnaire, follow with appropriate site visit(s) to verify supplier’s engineering, fabrication capability, experience and quality management system in meeting international standards and
Location:  Houston, TX, US Company:  ExxonMobil Job Title: Mathematical Optimization Research Scientist Job Role Summary ExxonMobil is looking for a mathematical optimization scientist with backgrounds in operations research, management sciences, applied mathematics or engineering. We are looking for dynamic, creative, and resourceful individuals to join our research efforts in broad set of upstream oil & gas areas including exploration, development, production and
Location: Stavanger, Norway Apply by: April 30, 2019 Position type: Contract (Office) Job category: Functional Job ID #: 32342 Corporate Overview Aker Solutions helps the world meet its energy needs. We engineer the products, systems and services required to unlock energy. Our goal is to maximize recovery and efficiency of oil and gas assets, while using our expertise to develop
Publish Date: Mar 20, 2019 Location: Lodz, Lodz, PL Company: Atos Atos is a global leader in digital transformation with 120,000 employees in 73 countries and annual revenue of € 13 billion. European number one in Cloud, Cybersecurity and High-Performance Computing, the Group provides end-to-end Orchestrated Hybrid Cloud, Big Data, Business Applications and Digital Workplace solutions through its Digital Transformation Factory, as well
REF: OI-2019-04 To express an interest in this position, e-mail recruitment@capula.co.uk with a cover letter and CV, quoting the job reference number. NOTE TO EMPLOYMENT AGENCIES: We are currently working with only our preferred suppliers. Capula is a leading advanced automation and real-time business intelligence company specialising in Automation, Control and IT Solutions and Services with major customers in the Nuclear, Power Generation,
REF: SS-2019-01 To express an interest in this position, e-mail recruitment@capula.co.uk with a cover letter and CV, quoting the job reference number. NOTE TO EMPLOYMENT AGENCIES: We are currently working with only our preferred suppliers. Capula is a leading advanced automation and real-time business intelligence company specialising in Automation, Control and IT Solutions and Services with major customers in the Oil and Gas,
REF: EI-2019-01 To express an interest in this position, e-mail recruitment@capula.co.uk with a cover letter and CV, quoting the job reference number.     NOTE TO EMPLOYMENT AGENCIES: We are currently working with only our preferred suppliers. Capula, part of Imtech UK, is a leading advanced automation and real-time business intelligence company specialising in Automation, Control and IT Solutions and Services with major
date: Mar 20, 2019 location: Richmond, CA California, US Chevron is one of the world’s leading energy companies, with approximately 60,000 employees working in countries around the world. We explore, produce and transport crude oil and natural gas; refine, market and distribute fuels and other energy products; manufacture and sell petrochemical products; generate power; and develop future energy resources, including biofuels and
Aibel is a leading service company within the upstream oil & gas and offshore wind industries. We provide our clients with optimal and innovative solutions within engineering, construction, modifications and maintenance throughout the entire life cycle. Aibel’s skilled employees are located close to our customers at the company’s nine offices in Norway, Denmark and South East Asia. In addition, we
Job Responsibilities: • Act as a single point of contact on matters related to Piping and Layout Engineering in all phases of the project. • Be responsible for the cost effective Piping and Layout solutions to company projects in compliance with relevant client requirements. • Be responsible for the technical integrity for compliance to project HSE requirements relevant to the
Job Responsibilities Import the existing E3D model in Tekla and generate structural steel arrangement and detail drawings in Tekla from the imported model and after adding welding details in Tekla. Implement all the structural details required for structural detail drawings as required by the project standards while developing the 2D drawings in Tekla and follow the drawing production work flow
Job Responsibilities Perform 3D-modeling using E3D/PDMS for Mechanical, Safety, Soft Volumes, Escape & Transport Routes, Access & Material Handling Routes, Equipment modelling, Package modelling with required TP points, Piping and Pipe supports. Manage the interface with Process engineer, Mechanical Engineer, Safety Engineer and Project Engineer for the assigned Module/Area Review Vendor drawing for the static Equipment / Rotating Equipment /
Job Responsibilities Report to, and provide support to the Project Engineering Manager on assigned projects and report to the Head – Process Engineering at the basis level. Act as the single point of contact for the Process Discipline within the assigned project on matters related to Process Engineering and support the project team during tenders or Conceptual, FEED or Detailed
Description With 2017 revenues of approximately $15 billion, Jacobs Engineering Group Inc. (Jacobs) is one of the largest publicly traded (NYSE: JEC) and diverse providers of professional technical services in the world. Founded in 1947, the company now has nearly 74,000 employees that help us prosper in diverse industries by holding true to our values and culture. Headquartered in Dallas,
Description The Buildings & Infrastructure Line of Business is a global network of employees, which serves both the private and public sector. Our employees work to shape the communities we live in by creating world-class projects that transform the future development patterns of those communities. We provide our clients award-winning planning, engineering, architectural and interior design, construction and program management,
Location : SB-Owings, United States of America Contract Type : Full Time Permanent About our Opportunity : Are you ready to join the global leader in engineering and industrial software? You’ll be part of a team that drives digital transformation to over 16,000 customers across the globe and strives for excellence every day. There are 4,700 of our people in more than
Location : Dubai, United Arab Emirates Contract Type : Full Time Permanent About our Opportunity : Are you ready to join the global leader in engineering and industrial software? You’ll be part of a team that drives digital transformation to over 16,000 customers across the globe and strives for excellence every day. There are 4,700 of our people in more than 40
Location : SB-Owings, United States of America Contract Type : Full Time Permanent About our Opportunity : Are you ready to join the global leader in engineering and industrial software? You’ll be part of a team that drives digital transformation to over 16,000 customers across the globe and strives for excellence every day. There are 4,700 of our people in more than
Project engineer – development of well intervention equipment Employer Altus Intervention Technologies job Title project Engineer Place Stavanger Deadline Deadline expired Duration Solid Altus Intervention Technologies is a global provider of world-leading well intervention technology and equipment. For our development department in Stavanger, we are soon seeking a project engineer, with a master’s degree in mechanical engineering, and preferably two to three years of product
Description On a global scale, Jacobs Engineering serves the PharmaBio, Aerospace, Buildings & Infrastructure, Water Systems, and Consumer Products Industries. Our core Life Sciences network has become the largest provider of engineering and construction services to pharmaceutical and biotechnology clients in the world. Jacobs provides full-service engineering, procurement, and construction management services to both new and existing facilities. For projects
Description  Specialist in Cost Control to carry out the following activities:   Develops new techniques and standards, is considered an expert in cost and related to all those factors that influence it as technical, economic, environmental and global. • Regarding his behavior in the organization, he must work under the supervision of the Project Control Management, having considerable freedom in
Aibel is a leading service company within the upstream oil & gas and offshore wind industries. We provide our clients with optimal and innovative solutions within engineering, construction, modifications and maintenance throughout the entire life cycle. Aibel’s skilled employees are located close to our customers at the company’s eight offices in Norway and South East Asia. In addition, we operate
Aibel is a leading service company within the upstream oil & gas and offshore wind industries. We provide our clients with optimal and innovative solutions within engineering, construction, modifications and maintenance throughout the entire life cycle. Aibel’s skilled employees are located close to our customers at the company’s eight offices in Norway and South East Asia. In addition, we operate
Principal Process/Specialty Engineer Cebu City *TBD Philippines Job Description Summary This position performs work requiring advanced knowledge which is predominantly intellectual in character and which routinely exercises discretion and judgment. The advanced knowledge is in a field of science or learning and gained through a prolonged course of specialized intellectual instruction, experience, and expertise acquired in the field. Scope The
Senior Process/Specialty Engineer Cebu City *TBD Philippines Job Description Summary This position performs work requiring advanced knowledge which is predominantly intellectual in character and which routinely exercises discretion and judgment. The advanced knowledge is in a field of science or learning and gained through a prolonged course of specialized intellectual instruction, experience, and expertise acquired in the field. Scope The
Process/Specialty Engineer IV Cebu City *TBD Philippines Job Description Summary This position performs work requiring advanced knowledge which is predominantly intellectual in character and which routinely exercises discretion and judgment. The advanced knowledge is in a field of science or learning and gained through a prolonged course of specialized intellectual instruction, experience, and expertise acquired in the field. Scope The
Senior Process/Specialty Engineer Sugar Land Texas United States Job Description The purpose of this position is to perform the essential process design job duties and functions as listed below for LNG projects. This includes managing and executing all process design and related activities in conformance with company policies and procedures, contracts, plans, specifications, schedules, and cost estimates. This role manages
Process Engineer Saint John New Brunswick (Nouveau-Brunswick) Canada Job Description Fluor is one of Canada’s top employers and recognized globally as a leader in the Engineering, Procurement, Construction, Fabrication, and Maintenance industry. Our focus on innovation and providing cost effective technology based solutions to address our client’s needs is second to none. As we look to the future, we need
Design Engineer III Saint John New Brunswick (Nouveau-Brunswick) Canada Job Description Responsibilities include all aspects of control systems engineering – conceptual design, front-end engineering design (FEED), detailed design and plant commissioning. • Develop and document control systems discipline specifications, including design criteria with ability to identify and incorporate health, safety and environment into design. • Develop and document intermediate complexity
Description Jacobs ECR is a leading provider in technical, professional and construction services. We specialise in engineering and construction, operations and maintenance, as well as consulting. Our client portfolio includes mining and minerals, oil and gas, industrial and government clients across multiple markets and geographies. Our Brisbane Energy, Chemicals and Resources team have recently been awarded a high-profile material handling
date: Mar 19, 2019 location: Bakersfield, CA California, US Chevron is one of the world’s leading energy companies, with approximately 48,000 employees working in countries around the world. We explore, produce and transport crude oil and natural gas; refine, market and distribute fuels and other energy products; manufacture and sell petrochemical products; generate power; and develop future energy resources. Chevron is accepting
Date: Mar 18, 2019 Location: Brisbane, QLD, AU, 4000 We are looking for the right people — people who want to innovate, achieve, grow and lead. We attract and retain the best talent by investing in our employees and empowering them to develop themselves and their careers. Experience the challenges, rewards and opportunity of working for one of the world’s largest providers
Date: Mar 18, 2019 Location: Kuala Lumpur, 14, MY, 50400 We are looking for the right people — people who want to innovate, achieve, grow and lead. We attract and retain the best talent by investing in our employees and empowering them to develop themselves and their careers. Experience the challenges, rewards and opportunity of working for one of the world’s largest
Date: Mar 18, 2019 Location: Kuala Lumpur, 14, MY, 50400 We are looking for the right people — people who want to innovate, achieve, grow and lead. We attract and retain the best talent by investing in our employees and empowering them to develop themselves and their careers. Experience the challenges, rewards and opportunity of working for one of the world’s largest
Location:  Brussels / Machelen, BRU, BE Company:  ExxonMobil Exxon Mobil Corporation is the world’s largest publicly traded international oil and gas company, best known in the Benelux for its Esso and Mobil brands. With activities in nearly all countries around the world, ExxonMobil prides itself on its commitment to meeting the world’s growing demand for energy in an economically, environmentally and socially responsible
Location:  Bangkok, 10, TH Company:  ExxonMobil Short Description ExxonMobil Limited operates the Bangkok Business Support Center (Bangkok BSC) providing services to Exxon Mobil Corporation and its affiliates worldwide. As part of the Bangkok BSC, ExxonMobil Information Technology (EMIT) is a world-class organization that provides technology solutions to ExxonMobil businesses globally. Our organization offers opportunities to design, develop, implement, and support global applications,
Date Posted: 3/18/2019 JOB DESCRIPTION ORGANIZATIONAL STRUCTURE BUSINESS: CIRCOR ENERGY LOCATION: COIMBATORE, INDIA DIRECT REPORTING: TEAM LEAD – BALL VALVES FUNCTIONAL REPORTING: NA POSITION DETAILS  Position Summary The Design Engineer will be responsible for executing design changes based on commercial orders and preparing the General assembly drawings with Bills of Material. This role will work closely with global Product Engineering, Product
Date: Mar 18, 2019 Location: Bangalore, KA, IN Company: Dover Corporation Dover is a diversified global manufacturer with annual revenue of approximately $7 billion. We deliver innovative equipment and components, specialty systems, consumable supplies, software and digital solutions, and support services through three operating segments: Engineered Systems, Fluids and Refrigeration & Food Equipment. Dover combines global scale with operational agility to lead the
Date: Mar 18, 2019 Location: Watertown, MA, US Company: Dover Corporation Dover is a diversified global manufacturer with annual revenue of approximately $7 billion. We deliver innovative equipment and components, specialty systems, consumable supplies, software and digital solutions, and support services through three operating segments: Engineered Systems, Fluids and Refrigeration & Food Equipment. Dover combines global scale with operational agility to lead the
Date: 18-Mar-2019 Location: Malmo, SE Company: Dover Corporation Dover Fueling Solutions (DFS), comprised of the most trusted names in the fuel industry, are global leaders in driving innovation for over 100 years. DFS, the industry’s 1st end-to-end fueling solution, provides advanced fuel-dispensing equipment, including systems and payment, automatic tank gauging and wet stock-management solutions. The DFS business is comprised of industry leading brands

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