LONDON (dpa-AFX) - Premier Oil plc (PMO.L, PMOIY.PK) said it delivered production of 75.0 kboepd in 2017, in line with full year guidance and up 5 per cent on the prior year's 71.4 kboepd. Production in December was impacted by the unplanned shutdown by INEOS of the Forties Pipeline System or 'FPS' which has now been resolved.
Total revenues for 2017 will be of the order of US$1.090 billion , compared to US$983 million last year, reflecting both higher production and realised commodity prices.
Production in 2018 from Premier's existing producing assets is expected to be between 80-85 kboepd reflecting the phased ramp up from the Catcher Area, natural decline in certain of Premier's fields and the impact of the 2017 Wytch Farm and Pakistan disposals.
2018 development and exploration spend is expected to be around US$300 million, of which cUS$170 million relates to the Catcher development (including a cUS$55 million one off first oil payment to the FPSO provider BW Offshore) and US$45 million to exploration. Capex will be weighted to the first half of 2018 as the spending on the Catcher project completes.
Copyright RTT News/dpa-AFX