Profits fall at Premier Oil.
Investors Chronicle - magazine and web content, March, 2008
TIP UPDATE: Hedging charges push headline figures lower, but there's plenty in the pipeline. Martin Li
Accounting rules were the main reason for Premier's profit fall. Increasing production and record commodity prices drove operating profit 35 per cent higher, but profit after tax fell 42 per cent to $39m (GBP19.4m) after a $65m non-cash charge relating to hedging.
Production rose 8 per cent to 35,800 barrels of oil equivalent per day (boepd), spread across Pakistan, Southeast Asia and the North Sea. Premier remains on course for 50,000boepd by the end of 2010, and targets 80,000boepd by 2012 as development projects come onstream. Reserves increased 39 per cent to 212m boe, giving 460 per cent reserve replacement.
The group signed new gas...
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