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Montevideo, February 23rd 2019 - 23:58 UTC

Falklands involved oil company expects to raise £100 million in bond offer

Friday, November 29th 2013 - 22:06 UTC
Full article 7 comments
CEO Simon Lockett said the offering will enable Premier to diversify its sources of debt funding and extend the maturity profile (Pic This is Money) CEO Simon Lockett said the offering will enable Premier to diversify its sources of debt funding and extend the maturity profile (Pic This is Money)

Premier Oil expects to raise at least £100 million in a bond offer scheduled to close on 6 December. The FTSE 250 oil and gas company, with interests in the Falkland Islands, the North Sea, and South-East Asia, said its 5% sterling bonds auction has already built a book value of at least £100 million.

 The offer is one of various possible future issues under Premier's £500 Euro Medium Term Note Program, which was established on 18 November and enables Premier to issue retail or wholesale notes in various markets and currencies.

The company, which has a market cap of £1.8 billion, recently signed a farm-out deal with Falkland Oil & Gas (FOGL) and its drilling partner Rockhopper Exploration (RKH) to help with exploration in the Falkland Islands Northern Basin.

Premier said the offer period is due to close at 12:00pm on 6 December, although it and the joint lead managers, Barclays and Lloyds Bank, retain the right to close the offer period early and at short notice.

Simon Lockett, chief executive of Premier Oil, said: “We are pleased to be offering a retail bond as our first issuance under our new Euro Medium Term Note Program, and with the initial demand from investors. This will enable Premier to diversify its sources of debt funding and extend the maturity profile of its debt ahead of the refinancing of Premier's main bank facilities, which mature in 2015.”

“This will enable Premier to diversify its sources of debt funding and extend the maturity profile of its debt ahead of the refinancing of Premier's main bank facilities which mature in 2015.”

Financial Tags: FOGL, RKH.

Top Comments

Disclaimer & comment rules
  • brasherboot

    He doesnt seem bothered by his 15 years in jail then?

    Nov 29th, 2013 - 10:12 pm 0
  • Marcos Alejandro

    Oct 2013

    ”The company(PMO) is developing a bit of a reputation for missing targets and if history is a guide to future performance further bumps in the road should be expected,” analysts at brokerage Mirabaud said.

    Nov 29th, 2013 - 10:38 pm 0
  • Lord Ton

    Out of date an usual marvin :-)

    Nov. 28 - ”In Vietnam, repairs to the Chim Sáo gas export pipeline have been completed and gas export recommenced on 23 November. Oil production is returning to planned levels as a result. In the UK, restrictions to the Huntington field continue to be lifted with oil production rates now increased to 20 kbopd (gross). We expect full production rates to return as remaining restrictions are removed. Premier’s production guidance for 2013 remains unchanged. ”

    Everything back on target. Be interesting to see how they do with the bond sale - The Times though their interest rate a little light at 5%.

    Nov 29th, 2013 - 10:47 pm 0
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