Premier Oil plc

Premier Oil plc (Premier) is a leading FTSE 250 independent exploration and production company with interests in the North Sea, South East Asia, the Middle East, Africa, Pakistan and the Falkland Islands.  The company’s strategy is to add significant value for its stakeholders through exploration and appraisal success, optimal asset management and development, and astute commercial deals. 

Premier is building a rapidly growing business.  In 2005, the company was producing around 30,000 barrels of oil equivalent per day (boepd) and was targeting doubling the size of the business.  The company had a 2P reserve base of around 175 million barrels of oil equivalent (mmboe).  Today, Premier is producing around 60,000 boepd from a reserve and resource base in excess of 700 mmboe and is on track to achieve its corporate goal of being a 100,000 boepd producer in the medium term. 

Key milestones in achieving its growth in 2011 came from Premier’s project teams in Indonesia and Vietnam who achieved excellent results in bringing two major operated projects on-stream on a timely basis and in line with original cost projects.  2011 also saw the continued growth of the company’s North Sea Business unit with the acquisition of EnCore and the purchase of an additional 17.7 per cent equity stake in Wytch Farm in the UK.  More recently, in July 2012, Premier announced the proposed farm-in for 60 per cent of Rockhopper Exploration’s licence interests in the Falkland Islands.

Looking forward, Premier will continue to focus on growing the underlying value of the business by replenishing its development portfolio with high quality projects through the commercialisation of its contingent resources, organic exploration success and value enhancing acquisitions.  v