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Premier Oil increases FY production guidance amid higher-than-expected output

Thursday, 16th May 2019
Premier Oil increased its full-year production guidance to 75,000-80,000 barrels of oil equivalent per day as "very high" group operating efficiency and a late contribution from now-sold Pakistan assets led to higher-than-expected production.

The company said it expected its net debt to reduce at the upper end of a $250m-$350m range at current oil prices. As at the end of April, its net debt stood at $2.25bn.

"We continue to deliver ahead of plan. Production and free cash flow are ahead of forecast for 2019 and, consequently, we are reducing our debt faster than anticipated. At the same time, we are making good progress on our growth projects. We look forward to concluding the Zama appraisal campaign and to spudding Tolmount East, which has the potential to deliver a step change in value to the already high return Tolmount Main project," said Tony Durrant, Chief Executive.

The company has hedged 42% - or 3.99m barrels - of its forecast oil production at around $69/barrel for the second half of 2019 and 10% - or 1.63m barrels - at $66 for 2020.

At 8:26am: (LON:PMO) Premier Oil PLC share price was +5.55p at 95.91p

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