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

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

How the stamp duty holiday is pushing up house prices
Stamp duty

How the stamp duty holiday is pushing up house prices

Stamp duty is an awful tax and should be replaced by something better. But its temporary removal is driving up house prices, says Merryn Somerset Webb…
25 Sep 2020
Can Rishi Sunak’s winter plan save the UK economy?
UK Economy

Can Rishi Sunak’s winter plan save the UK economy?

With his Winter Economic Plan, chancellor Rishi Sunak is hoping to support the economy through the dark months ahead as restrictions tighten again. Jo…
25 Sep 2020
The electric-car bubble could get an awful lot bigger from here
Renewables

The electric-car bubble could get an awful lot bigger from here

The switch to electric cars is driving a huge investment bubble. But that’s not necessarily a bad thing, says John Stepek. Fortunes will be made and l…
24 Sep 2020