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Premier Oil posts wider pretax loss as oil prices bite

(Reuters) – Oil producer Premier Oil Plc (PMO.L) reported a wider pretax loss for 2015, hurt by lower oil prices.

Premier, which has operations stretching from the Falkland Islands to Indonesia, reported a pretax loss of $ 829.6 million (£752.6 million) for the year, compared with a pretax loss of $ 362.5 million a year earlier.

Analysts polled by Reuters had expected a pretax loss of $ 336.8 million.

The company, which last month announced the takeover of German utility E.ON’s UK North Sea assets, said it took a non-cash post-tax impairment charge of $ 583.5 million in the year, due to lower oil price assumptions.

(Reporting By Mamidipudi Soumithri in Bengaluru; Editing by Anupama Dwivedi)

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