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Premier Oil scraps dividend as it swings to 2014 loss

Reuters - UK Focus

LONDON, Feb 26 (Reuters) - Oil producer Premier Oil (LSE: PMO.L - news) has scrapped its 2014 dividend payment after reporting a $210 million loss on lower oil prices that forced the firm to book $328 million in impairment charges on some of its oil and gas assets.

The London-listed firm, whose operations stretch from the Falkland Islands (LSE: FKL.L - news) to Indonesia, also said its 2015 capital expenditure programme would be significantly lower than last year's $1.2 billion.

The oil firm is placing its hopes on successful drilling results from the Falklands to help boost its valuation which has been hit hard by the fall in oil prices.

It said plans to start drilling there in early March are still on track.

(Reporting by Karolin Schaps; editing by Jason Neely)