Premier Oil swings to £511.86 million of net loss in the fiscal H1

Premier Oil plc (LON: PMO) revealed to have swung to £511.86 million of net loss in the first six months of the current fiscal year. The company attributed the decline to non-cash write-downs valued at £481.39 million. In the same period last year, Premier had reported £92.17 million of profit. Despite the loss, it expressed confidence that its annual fiscal 2020 report will announce it free cash flow positive. Director Anthony Durrant of Premier warned last week that UK’s oil industry was close to collapse. Premier has been struggling with debt since 2014 When the oil prices plummeted in 2014,