An early start US time means a really short flash blog today, I will catch up with both companies on my return. But good news needs getting out and both companies have good things to say.
Premier Oil
The numbers today were first rate, as expected and Premier continue with their exceptional operational performance. Production was 78.4 kboepd and 2020 guidance is a conservative 70-75 kboepd. Catcher payback was reached and Catcher North and Laverda sanctioned whilst BIG-P achieved first gas on schedule and below budget.
Tolmount is on tr@ck for first gas by y/e 2020 at 20-25 kboepd and Tolmount East targeting 2020 2H sanction. The Zama process is underway with clear associated questions I can’t get to from here. HoT for Sea Lion and Tuna underway and there are UK Acquistions from BP and Dana going through process.
Net debt is $1.99bn with the covenant leverage ratio of 2.3x (2018 3.1x) and fcf indicates further debt reduction. Overall a really credible performance as we might have expected, more later.
Angus
in haste, CPR on Saltfleetby gas field of net 2P of 16 bcf and condensate of 97/- bbls show substantial mean value of reserves giving a central case of £25m.
Ive been very impressed by what George Lucan is doing and will update shortly.
