Premier Oil ups forecast for first half of 2013

Premier Oil has forecast first half production to be in the range of 58-60,000 barrels of oil equivalent per day (boepd), compared to 58,400 boepd in thesame period last year.

Premier Oil has forecast first half production to be in the range of 58-60,000 barrels of oil equivalent per day (boepd), compared to 58,400 boepd in thesame period last year.

Production in the first four months of the year averaged 58,000 boepd.

Full year production forecasts have remained at 65-70,000 boepd, while capital expenditure is expected to be in line with previous guidance of around $1.2bn.

Simon Lockett, Chief Executive, said: "We are delighted with the progress achieved across our portfolio year-to-date. We have seen a strong start to our 2013 exploration drilling programme and continue to work hard to optimise production and progress new projects while increasing the materiality of our future exploration activity."

Net debt at the end of April was estimated to be $1.2bn.

The share price rose 0.26% to 380.50p by 11:00 Thursday.

NR

Recommended

Should you buy Vodafone shares, or steer clear?
Share tips

Should you buy Vodafone shares, or steer clear?

Vodafone grew revenue by 4% and profit by 11% last year, and offers investors a 6.4% dividend yield. So should you buy Vodafone shares? Rupert Hargrea…
17 May 2022
Melrose Industries: a British manufacturer that is well-placed for recovery
Share tips

Melrose Industries: a British manufacturer that is well-placed for recovery

Melrose, the aerospace and automotive manufacturer, has been hit by the pandemic, but the shares are unduly cheap says David J Stevenson.
17 May 2022
Avoid easyJet shares – there are better airlines to invest in
Share tips

Avoid easyJet shares – there are better airlines to invest in

EasyJet used to be one of Europe’s most impressive airlines. But now it is facing challenges on all fronts and losing out to the competition. Rupert …
16 May 2022
Britain’s ten most-hated shares – w/e 13 May
Stocks and shares

Britain’s ten most-hated shares – w/e 13 May

Rupert Hargreaves looks at Britain's ten-most hated shares, and what short-sellers are looking right now.
16 May 2022

Most Popular

Get set for another debt binge as real interest rates fall
UK Economy

Get set for another debt binge as real interest rates fall

Despite the fuss about rising interest rates, they’re falling in real terms. That will blow up a wild bubble, says Matthew Lynn.
15 May 2022
Is the oil market heading for a supply glut?
Oil

Is the oil market heading for a supply glut?

Many people assume that the high oil price is here to stay – and could well go higher. But we’ve been here before, says Max King. History suggests tha…
16 May 2022
High inflation will fade – here’s why
Inflation

High inflation will fade – here’s why

Many people expect high inflation to persist for a long time. But that might not be true, says Max King. Inflation may fall faster than expected – and…
13 May 2022