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Premier Oil Posts Narrower Pretax Loss In FY17 - Quick Facts

Premier Oil plc (PMO.L,PMOIY.PK) reported a loss before tax from continuing operations of $366.3 million for the year ended 31 December 2017 compared to a loss of $413.9 million, previous year. Loss for the year from continuing operations was $270.2 million or 52.6 cents per share compared to profit of $108.7 million or 20.8 cents per share, prior year. The loss after tax in the year is driven by the non-cash impairment charges recognised and the one-time fees expensed in relation to the Group's refinancing, partially offset by the gain on disposal of the Wytch Farm interests.

Fiscal year EBITDAX from continuing operations was $589.7 million compared to $494.1 million for 2016. The Group said the increase in EBITDAX is mainly due to higher production and sales volumes realised during the year.

Fiscal year sales revenues from continuing operations increased to $1.04 billion from $937.0 million, last year. In 2017, Premier delivered production of 75.0 kboepd, in line with full year guidance and up five percent on 2016. The company said this increase in production was driven by a record first half underpinned by high operating efficiency across the portfolio and a full year contribution from the ex-E.ON assets.

During 2018, Premier Oil expects Group production to increase to 80-85 kboepd reflecting the phased ramp up from the Catcher Area, offset by natural decline in certain of the Group's fields and the impact of disposals.

by RTT Staff Writer

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