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Premier Oil sticks to annual output guidance after November and December lift

StockMarketWire.com

Premier Oil stuck to its annual production guidance after it achieved higher-than-expected output in November and December.

The company said it was still forecasting full-year production of around 80k barrels of oil per day.

Production in the year to date had averaged 79.4 kboepd, with production in November and December at 92 kboepd, with a record daily production rate of 98.7 kboepd achieved on 4 December.

'This strong production performance has been driven by high uptime across the group's producing portfolio, including at Premier's operated Catcher area, which has averaged 68 kboepd in November and December to date,' the company said.

Premier Oil also confirmed that it had completed the sale of its interests in the Babbage area to Verus Petroleum for £30.3m. The sale proceeds would be used to cut debt.

In addition, Premier Oil announced that drilling had commenced at the Zama-2 appraisal well offshore Mexico.

The well would aim to confirm the oil water contact and was expected to reach the reservoir early in the New Year.



Story provided by StockMarketWire.com