PREMIER Oil said it expects average first-half production to rise 17 per cent and that its full-year production remains in line with expectations.
Estimated average group production for the first half was 46,600 barrels of oil equivalent per day (boepd) while forecast full-year production continues to be around 44,000 boepd.
“Premier continues to make good progress towards its 75,000 boepd production target for 2012,” said chief executive Simon Lockett. “Our major projects are progressing well and the recent Catcher discovery will now move rapidly into development.”
The firm said its Balmoral well in the North Sea should begin operations at the end of August, as expected. Premier plans to open 18 wells over the next year.
Earlier this month, Premier raised its reserves estimate for the Catcher/Catcher East area in the Central North Sea to a range of 60m to 100m barrels of oil.
The firm owns a 35 per cent share in the licence of the development.
Shares fell one per cent to £14.46 yesterday.