Premier oil’s North Sea Huntington field, expected on stream at the end of the month, will add a further boost to the firm’s rising production figures.
The independent explorer and producer said yesterday its 2012 output had risen 43% to 57,7000 barrels of oil equivalent per day (boepd) and it was planning to pay its first dividend since 1998.
The firm’s full-year results have drawn a line under the past year which had proved disappointing with delays and dry wells giving mixed exploration results.
Premier increased its reserves last year by 51% to 773million boe and has 15 exploration and appraisal wells planned for 2013.
Pre-tax profits were up at £237million, compared with £93million the previous year. Chief executive Simon Lockett said: “Premier has built a strong asset portfolio, which will act as a springboard for significant further growth over the medium term.”
Analysts at Investec Bank said: “With a pipeline of development projects on track and a more material exploration campaign for 2013, we believe the company is turning a corner.”