Premier Posts Positive Trading, Operations Updates

UK independent producer Premier Oil announced Wednesday positive trading and operations updates for the four-month period to April 30.

Premier revealed that overall production averaged 60,200 barrels of oil equivalent per day during the first four months of this year. Hook up of the first pair of wells at the Premier-operated Solan facilities offshore West of Shetlands was also completed in March and drilling of the second pair of wells is scheduled to start mid-May, with first oil from the field targeted for later this year.

Development drilling at Premier's Catcher project is expected to begin in July and operations remain on schedule for first oil in 2017, according to Premier.

In its Falkland Islands campaign, Premier discovered oil and gas at its Zebedee project and its Isobel Deep well was spud in early April with results expected by the end of May. In Indonesia, the Anoa Deep appraisal well, which aims to test the extension of the Lama reservoir to the west of the Anoa Deep discovery made in 2012, was spud on April 21 with results expected later this quarter.

Premier claimed it was on track to deliver significantly lower operating costs and general and administrative spend in 2015. The energy firm expects capital expenditure for all of 2015 to be $750 million, excluding partner funding for the Solan project. Planned exploration expenditure for 2015 was priced at $220 million.

Premier Oil Chief Executive Tony Durrant commented in a company statement: 

"We have achieved a strong start to the year notwithstanding oil price volatility. Year to date we have delivered a robust production performance, progressed our development projects, achieved exploration success in the Falklands and actively managed our cost base. Our focus remains on delivering our committed projects and managing our balance sheet while maintaining optionality in the portfolio for future growth as the oil price recovers."

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