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.

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