Highlights
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."
