Premier Oil has reduced investments on the back of the decline in oil price, but its chief executive insists the company could finance the purchase of new North Sea assets in 2015.
The company, which has operations in the North Sea, Falkland Islands and Indonesia, reported a loss of $210.3million.
Premier said its losses had been mainly caused by impairment charges of $328million relating to some of its field in the North Sea.
Chairman Mike Welton said: “As we enter 2015 with a significantly lower oil price than in recent years, the Board believes it is not prudent to propose a dividend payment for the full year.”
The company will also reduce its capex this year to $920million from $1.2billion last year.
Within the next three years, Premier plans to save $600million and its said $285million of this will come from capex.
It will also be looking for a new exploration director after Andrew Lodge announced he would be leaving the firm in June.
Premier Oil is placing its turnaround hopes on successful drilling results from the Falklands with its campaign set to being next week.
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