Premier Oil maintains FY guidance as first-half oil output falls

08:31 12/07/2018 - Premier Oil on Thursday left its outlook on full-year production and operating costs unchanged, after production fell in the first-half of the year, compared to the same period a year ago, amid asset sales and natural field decline.

Production averaged 76,100 barrels of oil equivalent per day (boepd) for the first six months of the year.

The firm also blamed the lower output on planned shutdowns at the Huntington and Solan fields and lower Singapore gas demand amid end-buyer maintenance.

Full-year guidance of 80,000-85,000 boepd was maintained. While full-year operating costs of $17-$18 per boe, and expenditure of $380m was in line with previous guidance.

Year end net debt is forecast between a $300m and $400m range at current oil prices.

Catcher plateau production rates was steady at 60 kbopd (gross) following the start of gas export and water injectivity in May, the company said. 'Catcher delivering stable plateau production is an important milestone for Premier. This, coupled with the ongoing strong performance from our underlying portfolio and our continued focus on cost control, will result in significant free cash flow generation and material debt reduction in the second half,' said Tony Durrant, Chief Executive.

At 8:31am: (LON:PMO) Premier Oil PLC share price was -8.45p at 122.55p

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