City A.M 
Premier Oil shares nudged up around 0.5 per cent after revealing it had hit improved production targets and was "nearing completion" of its drawn-out debt refinancing. Despite working through a painful financial restructuring with lenders, Premier Oil reached record production levels, hitting 71,400 barrels per day – in line with improved targets. Revenue, however, fell from $1.1bn to $980m. Read more: Back to the black? Premier Oil gears up for debt refinancing update Last year, Premier Oil bought up gas fields from German energy firm Eon and the taps are set to be turned on at its North Sea Catcher project in the second half of the year. Before taking into account any contribution from Catcher, the firm projected another bumper year of production, expecting 75,000 barrels per day . "The Catcher project continues to progress well and will provide another step change in production, generating enhanced, tax-free cash flows for the group," said chief executive Tony Durrant. He summarised 2016's results as "a strong operational performance". Closing in on the refi Premier Oil has been edging closer to completion of refinancing its near $3bn of net debt. The firm revealed "all substantial commercial terms have been agreed" with the coordinating committee of its revolving credit facility – similar to a corporate overdraft – as well as other private lenders. Read more: Premier Oil shares rise as it enters final stages of refinancing talks Final terms for the refinancing were at an "advanced stage". The news prompted Durrant to paint a rosey picture looking forward. He said: Our debt refinancing is nearing completion which, together with the improving commodity price environment, will enable us both to accelerate debt reduction and to progress future growth projects. In the meantime, lenders will be pleased that net debt levels of $2.8bn are in line with expectations and the firm has significant liquidity if required with undrawn cash facilities of approximately $600m.  
premier, oil, targets
Image source : cityam.com
▼ Related news : 
Zlatan Ibrahimovic claims he conquered the Premier League in three months as he targets title
Mirror  
Premier Oil keen on North Sea amid production challenges off Shetland
Herald Scotland  
Premier Oil expects to agree refinancing deal in weeks
The Financial Times  
Trading and Operations Update (Premier Oil plc)
World News  
Axis REIT targets more than 10% AUM growth this year
World News  
GCSE results reveal all of Knowsley's secondary schools failed to hit exam targets
Liverpool Echo  
League tables: New targets see 282 secondaries failing
BBC News  
On-loan Albion defender targets permanent deal
The Argus  
Ladbrokes to hit targets despite flurry of punter wins
The Scotsman  
Fund manager Bahana TCW targets 13% managed asset growth
World News  
Lakers: 5 Trade Deadline Targets at Point Guard
World News  
Aston Villa owner calls on fans to kidnap transfer targets
Goal.com  
New Labour Campaign Advert Targets Tory 'Reckless Neglect' Of NHS
The Huffington Post  
Bekele targets world record
World News  
Latest news and headlines !
: Jes Staley confident London will retain its role after Brexit but admits bank has been courted by European capitals.
: CHANCELLOR Philip Hammond dropped a huge hint that Britain may seek a transitional Brexit deal with the EU to allow “plenty of time to...
: How to watch it, a timeline of the day, who's performing, and what Obama does next
: Each PokéStop will correspond with one of the Sustainable Development Goals of the UN.
: Prime Minister Theresa May’s speech in Davos gave sterling another boost in morning trading, two days after her Brexit negotiation details pushed the...
: 'I just want people to be aware that fat people are people too'
: UK prime minister also told leaders that 'Britain is and will always be open for business'.
: A man arrested at a train station in Paris had more than £250,000 worth of diamonds stuffed in...
: An eco-entrepreneur who exposed himself to a police officer after being thrown out of an exclusive Soho private members club has been spared prison.
: Billy Bragg will be joined by Joe Henry for the concert while there's a host of other folk gigs to look forward to in the area
: A NEW moth with "unique genitalia" has been named after President-elect Donald Trump – because of its incredible blonde hairdo.
View in : Mobile | Classic
About newsoneplace.com - Privacy & Terms -
Copyright © 2015 www.newsoneplace.com