BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Premier Oil plc (PMO.L, PMOIY.PK) reported a pretax loss of $334.8 million for the six months to 30 June 2020 compared to profit of $119.9 million, prior year. Loss per share from continuing operations in cents was 78.9 compared to profit of 12.4. EBITDAX from continuing operations was $352.4 million, compared to $680.2 million, prior year. The Group recorded exploration expense and new venture costs of $242.1 million compared to $8.7 million, previous year. Excluding the effect of non-cash charges, loss after tax would have been $32.4 million, for the first half period.
First half sales revenues declined year-on-year to $530.6 million from $871.3 million. Production averaged 67.3 kboepd compared to 84.1 kboepd, prior year. The company said the reduction was predominantly due to an unplanned 20 day shutdown on Catcher, the disposal of the Pakistan business, and the cessation of production from Huntington and Kyle.
Looking forward, the company reiterated 2020 guidance of 65-70 kboepd (before any contribution from the BP Acquisitions).
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