Premier Oil met its year-end production target rate of 60 thousand barrels of oil equivalents per day (kboepd) in 2011, helped by the start of of two major projects in Asia in the fourth quarter.
Production for the 12-month period average 40.4 kboepd, in line with guidance. This is expected to increase to 60-65 kboepd in 2012 with an expected year-end exit rate of 75 kboepd.
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The average oil price realised in 2011 was $111.9 a barrel, compared with just $79.7 a barrel the year before.
More to follow...
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