LONDON, Feb 27 (Reuters) - Britain’s Premier Oil reported a 7 percent loss in year-on-year profit after tax on Thursday after a string of production downgrades.
The company said it pinned its growth hopes for 2014 on a number of new projects as four fields are due to come on stream this year.
“It has been frustrating that, despite new production during the year, the portfolio also suffered from some operational issues which were largely beyond the company’s control,” said Premier Oil Chairman Mike Welton in a statement.
Full-year profit after tax fell to $234 million after impairment charges of $67.9 million from $252 million the previous year.
The Falklands-focused company is targeting 13 firm exploration wells this year, with first oil from its North Sea Solan field expected in the fourth quarter.