Premier Oil profits rise 60
percent
Reuters (UK)
Sep 15, 2005
LONDON (Reuters) - Premier Oil posted a 60 percent rise in its first-half
net profit to $20.5 million (11.3 million pounds) on Thursday, on the back of
higher prices and lower exploration costs.
Premier (PMO.L: Quote, Profile, Research) said in a statement that it had
produced an average 34,800 barrels of oil equivalent per day (boepd) in the
first half, down slightly from 35,200 boepd in the same period of 2004.
Premier's new management team also outlined a change in strategy, saying the
firm planned to accelerate the development of its portfolio, rather than focus
on new exploration.
Chief Executive Simon Lockett, who took up his job this year, told Reuters
this should enable the group to bring more production on quickly and raise
output to 50,000 boepd per day by 2008.
Premier's shares were knocked by three announcements in recent weeks that
drilling in India, Pakistan and Mauritania had failed to find commercial
quantities of oil or gas.
The lack of success added to the firm's reputation among analysts and
investors as an unlucky explorer.
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