Premier oil maintains 2013 final dividend at 5p

DividendMax Ltd.

Premier oil maintains 2013 final dividend at 5p


2013 production of 58.2 kboepd (2012: 57.7 kboepd); average production of 69 kboepd in December

Strong underlying profitability: profit after tax of US$234.0 million (2012: US$252.0 million) after
impairment charges of US$67.9 million (post-tax)

Operating cash flow of US$832.6 million (2012: US$808.2 million)

Catcher development approval expected shortly; Solan first oil targeted for Q4 2014; Bream and Sea Lion progressing to sanction decision

Six discoveries from seven exploration wells adding around 40 mmboe of reserves and resources;
finding costs of US$5.3/boe pre-tax

13 firm exploration and appraisal wells planned for 2014 targeting 140 mmboe of unrisked resources

Recommended dividend payment of 5 pence per share (2012: 5 pence)

Board has approved share buyback programme of up to £75 million

Simon Lockett (Chief Executive), commented:

"Premier is well financed, strongly profitable and has rapidly growing cash flows. Production year-to-date is ahead of plan. Cash flows will be invested in high quality projects or returned to shareholders. Our focused exploration programme offers exposure to material wells in proven basins."

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