LONDON (dpa-AFX) - Premier Oil plc (PMO.L) reported pretax profit from continuing operations of $158.2 million for the year ended 31 December 2018 compared to a loss of $366.3 million, prior year. Profit per share from continuing operations was 12.2 cents compared to a loss of 52.6 cents. EBITDAX was $882.3 million, up 50% from previous year.
The Group reported its best ever full year of production, averaging 80.5 kboepd (2017: 75.0 kboepd), resulting in total revenue from all operations of $1.44 billion compared to $1.10 billion in 2017. From continuing operations (excluding Pakistan), sales revenue increased to $1.40 billion from $1.04 billion, prior year.
Tony Durrant, CEO, said: '2018 saw higher production, positive free cash flow and a return to profitability. The Group is ahead of plans to restore balance sheet strength and remains focused on consistently delivering free cash flows. Growth projects such as Tolmount, Zama and Sea Lion, together with promising exploration in Mexico and Indonesia, are being advanced within a disciplined financial framework.'
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