Premier Oil said its Catcher project remains on schedule and below budget with first oil expected next year as it posted better-than-expected results.
The company said its operating costs were between 10 and 20% below budget and significant liquidity with cash and undrawn bank facilities of $750million.
Oil production from the Solan field, which commenced last month, has produced rates of 4 kbopd achieved from the first producer well while the second well due on-stream by mid-year.
Tony Durrant, Chief Executive, said:”Strong production performance from our existing assets, together with the contribution from the E.ON assets and the Solan field means that we now expect production for the year to be better than we originally anticipated.
“This, along with continued cost savings, positions us well to maximise our current cash flow as we remain focused on managing our balance sheet in the current oil price environment.”
More to follow.
Recommended for you
