Source - SMW
Premier Oil achieved full year production of 75 kboepd in 2017, in line with guidance and up 5% on 2016.

Estimated total capex was US$305 million, below revised guidance of US$325 million.

Net debt dropped to US$2.7 billion as at 31 December 2017.

For 2018, the company expects production of 80-85 kboepd, allowing for the ramp up from Catcher and adjusted for 2017 disposals.

Catcher production is planned to ramp up in the first half, reaching peak gross production of 60 kbopd. It is currently producing around 20 kbopd in the ramp up phase.

Tony Durrant, chief executive, said: "First oil from Catcher and the completion of the Wytch Farm disposal completed a highly successful year for Premier which included our world class exploration success with the Zama discovery. As Catcher builds up to 60,000 bopd, 2018 will bring higher production and cashflow, continuing the debt reduction programme. Alongside this, our portfolio of future projects is being progressed for selective investment and further growth."