Oil and gas decommissioning costs to hit nearly £17bn with 1.2m tonnes from North Sea to be removed With 1.2 million tonnes of disused oil and gas installations from the North Sea expected to be removed for reuse and recycling, UK oil and gas firms are being forecast to spend some £16.6bn on decommissioning work over the next decade. Industry body Oil and Gas UK (OGUK) said work in this area would be [...]
Premier Oil swings to hefty loss in final results before Chrysaor merger Premier Oil swings to hefty loss in final results before Chrysaor merger Premier Oil swung to a $1.3bn pre-tax loss in its final set of results before its proposed merger with fellow North Sea firm Chrysaor completes. The FTSE 250 firm said that the loss was mostly driven by one-off charges, including $817m relating to the partial derecognition of Premier’s UK ring fence tax losses. It added [...]
Premier Oil appoints new finance chief to helm Chrysaor merger Premier Oil appoints new finance chief to helm Chrysaor merger Premier Oil has appointed a new finance chief who will join the firm upon the completion of its merger with fellow oil explorer Chrysaor. Alexander Krane, a 20-year industry veteran, will join the newly-minted Harbour Energy from 15 April. He replaces Richard Rose, who will step down from the role of interim chief executive and [...]
Premier Oil shareholders back Chrysaor merger as era comes to an end January 12, 2021 Premier Oil’s shareholders have today voted overwhelmingly in favour of the North Sea-focused firm’s merger with fellow independent Chrysaor. At this afternoon’s general meeting, 98.7 per cent of shareholders backed the motion, which marks the end of an era for the veteran firm. The deal is expected to be completed by the end of the [...]
Premier Oil production to fall as Chrysaor merger nears November 12, 2020 Premier Oil reduced its production guidance this morning as the oil explorer prepares for its merger with fellow North Sea firm Chrysaor. The London-listed firm said output for the full year would now be 61,000 – 64,000 barrels per day for the year, down from previous forecasts of 65,000 – 70,000 barrels. Recent problems at [...]
Premier Oil strikes deal to merge with North Sea rival Chrysaor October 6, 2020 Premier Oil this morning announced that it had agreed to merge with fellow North Sea explorer Chrysaor in a deal which will make the firm the largest independent London listed oil company. Shares in the firm leapt 10.9 per cent as markets opened this morning. The deal will see Premier’s $2.7bn debt pile, which has [...]
Premier Oil seeks to lower price of BP purchases for a second time September 23, 2020 Premier Oil has begun talks with BP over lowering the price of a $210m deal to buy its stakes in two North Sea oilfields for a second time, it was reported today. Back in June, the struggling oil explorer managed to renegotiate the price down from an initial sum of $625m as it was hit [...]
Premier Oil shares jump on Chrysaor refinancing talks September 15, 2020 Shares in Premier Oil rose 7.9 per cent today after the firm confirmed that it was in talks over a potential refinancing alternative with fellow North Sea company Chrysaor. Last month the FTSE 250 firm outlined the main terms of a deal with its creditors to extend the maturities on its £2.2bn debt pile until [...]
Premier Oil shares crash as it swings to first-half loss August 20, 2020 Shares in Premier Oil plummeted almost 25 per cent in early trading after the oil giant posted a hefty first-half loss due to weak oil prices. The figures Premier Oil posted revenue of $530.6m (£406m) in the first half, down from $883.1m in the same period last year. The company swung to a loss after [...]
Premier Oil shares slide as explorer hits reduced production guidance July 15, 2020 Shares in midcap Premier Oil slipped this morning as the company announced that it had hit its reduced production guidance of 65,000 to 70,000 barrels of oil per day. Earlier this year, the exploratory firm reduced its output guidance from 70,000 to 75,000 barrels a day after difficulties at one of its flagship fields. However, [...]