In 1934, Premiere Oil plc was founded under the name Caribbean Oil Company. The company went public in 1936 when it became listed on the London Stock Exchange under the name Premier (Trinidad) Oilfields. Today, the company is traded under the symbol PMO.
Premiere Oil’s exclusive operating objective has always been entirely focused on the exploration and exploitation of oil and gas for sale to independent oil refineries. While the company’s earliest exploration and drilling efforts were concentrated in Trinidad, today’s operations cover parts of the U.K., Asia and Africa with large focus operations in the North Sea.
Much of the company’s growth through the years has been created through the acquisition of companies like Pict Petroleum (1995) and Sumatra Gulf Oil Limited (1996) out of Indonesia. Premiere has also formed several successful drilling and exploration partnerships through the years with major oil concerns like Amerada Hess, Petronas and Shell in the form of a joint venture under the name PSP (Premier & Shell Pakistan).
In recent news, the company has been approved by the UK Department of Energy and Climate Change to begin operations in the Catcher area oil and gas block of the North Sea. If everything goes according to plan, drilling should begin and oil should start flowing by sometime around the middle of 2017. In the early part of 2016, the company reported it has purchased all of E.ON’s UK North Sea assets, which came at a reported cost of approximately $120 million.
Premiere Oil’s primary headquarters are located in London, England. Anthony R. C. Durrant serves as the company’s Chief Executive Officer while Mike Welton sits as Chairman of the Board. For the fiscal year ended 2014, the company reported operating revenues of $1.629 billion, which translated to net operating income of $243.0 million and net income of $210 million.