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Premier Oil Issues H1 Operations Update - Quick Facts

Premier Oil plc (PMO.L,PMOIY.PK) reported that its production averaged 76.1 kboepd during first-half, a reduction from the prior corresponding period due to asset sales and natural field decline. First half production was also impacted by planned shutdowns at the Huntington and Solan fields and lower Singapore gas demand due to end-buyer maintenance. This was offset by the ramp up of Catcher production and outperformance from the Chim Sáo field.

Net debt reduced from $2.72 billion at the end of 2017 to $2.65 billion at period end. Full Year debt reduction is estimated at between $300 million and $400 million at current oil prices.

The company's full year group production guidance of 80-85 kboepd is maintained, subject to the completion timetable of announced disposals. Full year guidance for operating cost per barrel of oil equivalent of $17-$18 is maintained. Guidance for 2018 full year development, exploration and abandonment spend remains unchanged at $380 million.

Tony Durrant, Chief Executive, said: "Catcher delivering stable plateau production is an important milestone for Premier. This, coupled with the ongoing strong performance from our underlying portfolio and our continued focus on cost control, will result in significant free cash flow generation and material debt reduction in the second half. We can also look forward to the formal sanction of our high value Tolmount project and the appraisal of our world class Zama discovery, both of which have the potential to deliver significant future growth."

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