Premier Oil losses mount, seeks cash from shareholders

Writer,

Oil and gas firm Premier Oil swung to a loss on lower production in the six months to 30 June 2020.

Separately the company announced plans to ask investors for a further $300m, on top of the $230m sought for the acquisition of assets from BP, as it looked to refinance its $2.9bn debt pile.

The company reported a post-tax loss of $32m before non-cash charges of $639m adding up to an overall loss of $672m compared with a profit of $121m in the first half of 2019.

The company reported production of 67,300 barrels of oil equivalent per day (boepd) down from 84,100 boepd year-on-year but confirmed its full year guidance for output of 65,000-70,000 boped.

The company said it would be cash flow positive in 2020.

At 8:56am:

(LON:BP.) BP PLC share price was -3.42p at 280.28p

(LON:PMO) Premier Oil PLC share price was -6.45p at 27.54p