Update from Elizabeth Brookes22 Nov 2018 15:13
Guys as promised.....
Dear Mr ********
We share your frustrations of course on the share price. Clearly we are viewed by many in the market as a direct play on oil prices and given the steep fall in commodity prices in recent weeks it was sadly inevitable that our shares would react negatively as has the rest of our peer group in the UK E&P sector.
We have been out meeting with our institutional investors and they remain supportive. Despite the oil price volatility, the portfolio is delivering. Production for November so far has averaged above 90 kboepd, underpinned by strong production from our operated Catcher asset in the UK North Seas. As a result, even at today’s prices, we are generating strong free cash flow which we will use to reduce our debt in line with our previous guidance.
With regards to issuing press releases, finding the balance in making public statements is not easy. However, we only issued a press release last week providing an update on our operations. Since then the share price has fallen significantly but that is due to the oil price and the wider macro environment rather than anything Premier specific.
Kind regards
Elizabeth