Premier Oil Set to Boost Production Further

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UK-based independent Premier Oil estimates its production for the whole of 2012 will increase to 60,000 barrels of oil equivalent per day (boepd) from last year's average production of 40,400 boepd.

 

Reporting its half-year results Thursday, Premier said that production during the first half of 2012 averaged 58,400 boepd (1H 2011: 36,900 boepd) with its performance in the second quarter averaging 61,000 boepd.

 

The firm said that significant progress had been made on all its operated development projects, along with government approval of the Solan project in the North Sea, the Dua oil field in Vietnam and the Pelikan and Naga projects in Indonesia help to underpin near-term growth.

 

Premier also highlighted its exploration successes during the first half, which included the play-opening Anoa Deep well on Natuna Sea Block A in Indonesia and the Carnaby well on the western side of the Catcher license.

 

Premier reported a record profit before tax for the first six months of $194.6 million (1H 2011: $32.5 million). The firm's net income came in at $145.8 million (1H 2011: $88.5 million), which analysts at London-based investment bank finnCap said was 17 percent greater than they had forecast due to a lower-than-expected tax charge.

 

In a statement accompanying Premier's results, CEO Simon Lockett commented:

 

"We are delighted with our achievements in the first half of the year with another set of record financial results, underpinned by strong production from our portfolio of fields."

 

Lockett added that Premier expects a further significant step up in production in the short term as two new UK development projects come on stream, along with the firm's high-impact exploration program with key wells such as Luno II in Norway, Lacewing in the UK and Ca Voi in Vietnam scheduled for drilling soon.

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Company: Premier Oil	more info
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