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13 March 2020
Following the announcement of Premier's 2019 Full Year Results last week, the Group provides the following trading update in light of the current market volatility.
Premier's assets continue to perform well with production to the end of February of 76.6 kboepd. Full year production guidance of 70-75 kboepd is reiterated, before the impact of the proposed UK acquisitions.
Premier has hedged c. 30 per cent of its full year 2020 oil and gas entitlement production at an average oil equivalent price of $60/bbl. This includes 40 per cent of the Group's oil production for the first half of the year hedged at $64/bbl. A full schedule of the Group's hedging programme is set out at the end of this statement and is consistent with that released in the Group's 2019 Full Year results.
The Group retains significant liquidity. It has unrestricted cash of $135m and undrawn facilities of c.$330m, as at the end of February. Premier's 2020 cash flow breakeven price is under $50/bbl and a $5/bbl move in the oil price point forward is expected to result in a c.$50m move in free cash flow on a full year basis. This includes the benefits of the hedging programme and is based on capex guidance of $470m and new operating cost (including leases) guidance of c. $20/boe. As well as maintaining liquidity, Premier is focused on managing its forward covenant position which could be impacted by ongoing oil price weakness.
ÖLpreis kommende Woche vielleicht wieder über die 30 us$ ?
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