![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Harbour Energy Plc | LSE:PMO | London | Ordinary Share | Ordinary Shares |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 22.40 | 22.50 | 22.60 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4349N Premier Oil PLC 11 July 2003 PREMIER OIL PLC ("Premier") Premier Revives North Sea Exploration and Sells Non-Core UK Assets Entry to UK Moray Firth Licence Premier is pleased to announce that it has signed an agreement with Reach Exploration Limited ("Reach") to acquire a 50% interest in licence P1048 in the Moray Firth blocks 20/10b, 21/6a, 20/15a and 21/11b. The licence is on trend with the Buzzard discovery. Reach will retain a 5% carried interest having also farmed out a 30% interest to Intrepid Energy North Sea Ltd and a 15% interest to First Oil Expro Ltd on the same terms. The DTI has approved the assignment of this licence and it has been agreed that Premier will become operator. The licence was originally awarded to Reach in the 20th Round under a 4 year drill or drop obligation. Farminees are under an obligation to reprocess 400 sq km of 3D seismic and to drill a well on the licence in order to retain their equity. The joint venture plans to drill a well in Q2 2004 following seismic reprocessing and selection of a well location by the end of 2003. This is a significant milestone for the DTI's "Promote" initiative which aims to stimulate increased levels of exploration investment by facilitating wider access to seismic data. Premier Sells Non-Core UK Assets Premier is pleased to announce the sale of a package of non-core UK assets to Atlantic Petroleum UK Limited for #8.2 million in cash, #3 million of which will be made up of deferred payments linked to first oil from the discoveries. The package includes a 3.75% interest in the Rob Roy, Ivanhoe and Hamish fields, a 3.75% interest in the Perth discovery in block 15/21 near the Scott and Telford fields, a 15% interest in the Chestnut field and an 11.03% interest in block 20/2 which includes Premier's 8.27% interest in the Ettrick field. Premier has retained a right to buy back into a 5.5% interest in block 20/2 (excluding the Ettrick field) should there be further exploration success in the block. These interests represent Premier's entire interest in each of these assets. All sales are subject to DTI and joint venture partner approval, and pre-emption for the interests in Rob Roy, Ivanhoe, and Hamish and Perth. With the sale of shares in Australian Worldwide Exploration announced on 11 June 2003, Premier has reduced net debt this year by #18 million through the sale of non-core assets. As at 31 December 2002, Premier reported proforma net debt of #47.1 million. Taking the benefit of these sales into account, proforma net debt and gearing falls to #29 million and 11% respectively. Charles Jamieson, Chief Executive of Premier, said: "The Buzzard discovery has stimulated new interest in the Moray Firth area of the North Sea. Entry into this licence is an important step in the rejuvenation of Premier's UK exploration portfolio and is consistent with our strategy of accessing high quality exploration in our core areas. Together with the sale of non-core assets, this demonstrates Premier's intention to extract value from its portfolio and concentrate resources where we believe we can add most value." 11 July 2003 ENQUIRIES: Premier Oil plc Tel: 020 7730 1111 Charles Jamieson John van der Welle College Hill Tel: 020 7457 2020 James Henderson Background For Editors: Premier Oil plc is a leading independent oil and gas company with producing interests in the UK, Indonesia, and Pakistan. Exploration and appraisal is ongoing in the UK, Indonesia, West Africa (Mauritania, Guinea Bissau and Gabon) and South Asia (Pakistan and India). On 16 September 2002 Premier announced a major restructuring involving the transfer of interests in Myanmar and Indonesia to its major shareholders Amerada Hess and Petronas in return for the cancellation of their combined 50 per cent. shareholding in Premier, an injection of cash and repayment of Myanmar project debt. The restructuring leaves Premier as a fully independent oil company in a good position to follow its strategy of value creation and early realisation through oil and gas exploration and commercial deal-making. The partners and interests in licence P1048 on completion of this deal will be: Licence P1048 Premier Oil Exploration Ltd (Operator) 50% Intrepid Energy North Sea Ltd 30% First Oil Expro Limited 15% Reach Exploration Ltd 5%* * Reach interest carried by other co-venturers prorata to their interest. This information is provided by RNS The company news service from the London Stock Exchange END MSCBRGDRUXBGGXG
1 Year Harbour Energy Chart |
1 Month Harbour Energy Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions