BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Premier Oil plc (PMO.L, PMOIY.PK) reported that its production for the ten months to 31 October averaged 76.6 kboepd compared to 68.2 kboepd prior year, reflecting a period which included the now completed planned maintenance programmes on a number of fields. Production in October averaged 77.0 kboepd. UK production averaged 41.0 kboepd, up 35 percent on the prior corresponding period, principally as a result of a full contribution from the former E.ON assets. Looking forward, Premier said it expects to deliver within its previously upgraded full year production guidance of 75-80 kboepd.
Tony Durrant, Chief Executive, said: 'Through strong production, cost control and disposal activity, cash generation is ahead of plan. The excellent progress on the Catcher project, combined with the recovering oil price, will accelerate debt reduction through 2018. The agreement to export Tuna gas to Vietnam, signed last week, adds to Premier's significant backlog of future growth opportunities.'
Premier anticipates 2017 full year operating expenses of approximately $16/boe in line with previous guidance. Development, exploration and abandonment expenditure for 2017 is now expected to be between $300 - 310 million, down from previous guidance of $325 million.
Copyright RTT News/dpa-AFX