Production increased to 36.5 kboepd (2007: 35.8 kboepd)
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Reserves increased by 7.5 per cent to 228 mmboe (2007: 212 mmboe). Reserves and resources increased to 382 mmboe (2007: 369 mmboe). Reserves replacement of 223 per cent
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Material progress on major development projects commercialising past exploration successes and acquisitions
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Seven successful out of 14 exploration and appraisal wells drilled
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New exploration acreage awarded in Norway and Vietnam
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Operating cash flow up 31 per cent to US$352.3 million (2007: US$269.5 million)
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Operating profit up 19 per cent to US$261.7 million (2007: US$219.4 million)
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Record profit after tax of US$98.3 million (2007: US$39.0 million), after deducting a non-cash write down of US$31.9 million on the Chinguetti field
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Financing in place to fund development programme of ~US$800 million in 2009-2011
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Strong balance sheet with cash resources of US$323.7 million (2007: US$332.0 million) and net cash of US$117.3 million (2007: US$79.0 million). Undrawn cash facilities at year-end were US$275 million (2007: US$222 million)
“Premier’s record profits for 2008 reflect strong production and high oil and gas prices. Despite volatile markets the group is extremely well placed to fund the forthcoming capital expenditures and deliver medium-term growth.”
Simon Lockett, Chief Executive
From left to right: Simon Lockett,Chief Executive Robin Allan,Director of Business Development Neil Hawkings, Operations Director
Tony Durrant,Finance Director
Andrew Lodge joined the Board in April 2009 as Exploration Director.
