PREMIER Oil said yesterday an anticipated stronger performance in the North Sea would help it on its way to a medium-term output target of 100,000 barrels of oil equivalent (boe) per day.
The group, which has producing interests in the North Sea, Congo, Indonesia, Vietnam and Pakistan, said progress in Asia was another factor in an expected global production run-rate of 60,000boe per day by the year-end.
Meanwhile, first-half figures showed a sharp drop in pre-tax profits to £19.9million, compared with £68.4million a year earlier. The surplus for the six months to June 30, 2011, fell well short of analyst expectations after the firm was hit by £49.4million of exploration write-off costs.
Premier’s daily production averaged 36,900boe, down 21% from last year, after output was hurt by increased maintenance at some of its UK fields. Daily North Sea production was 10,500boe, compared with 19,400boe a year earlier.
Total sales in the latest period came in at £209.8million, down from £224.8million previously.
Chairman Mike Welton said: Our development skills have been proven by the successful execution of our Asian projects. We now seek to apply these to our pipeline of future developments, particularly in the North Sea.”