Premier Oil on track to meet full-year production guidance

Suzie Neuwirth
PREMIER Oil yesterday said it was on track to meet full-year production guidance, as the FTSE 250 energy company looked to expand its operations this year.

The company, which spurned a takeover offer from peer Ophir Energy last month, said production during the first four months of the year was up 13 per cent on the prior year.

In January, Premier lowered its full-year guidance to 58,000 to 63,000 barrels of oil per day, missing analysts’ forecasts and sending its share price down over six per cent.

But it recently made oil and gas finds in Indonesia and Pakistan and was expecting results from other well tests shortly.

“We have extended our recent exploration successes with the Kuda Laut discovery [in Indonesia], the first of four material wells planned for the next 12 months,” said chief executive Simon Lockett.